December home sales number month on month are down 17% which corresponds to the biggest drop in 40 years. Plus Stuy Town and Peter Cooper Village are being goven to creditors after BLK defaulted on the debt. Wow. "Recovery" huh? Does that sound like housing recovery or jobless recovery or economic recovery of any kind to you? I thought so...
Here is the piece about Stuy Town:
"
Tishman Speyer Properties - A group led by Tishman Speyer Properties has decided to give up the sprawling Peter Cooper Village and Stuyvesant Town apartment complex in Manhattan to its creditors in the collapse of one of the most high-profile deals of the real-estate boom. The decision comes after the venture between Tishman andBlackRock Inc. BLK defaulted on the $4.4B debt used to help finance the deal. The venture acquired the 56-building, 11K-unit property for $5.4B in 2006, the most ever paid for a single residential property in the U.S. The venture had been struggling for months to restructure the debt but capitulated facing a massive debt load and a weak NYC economy that has undercut rents and demand for high-priced apartments.
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Monday, January 25, 2010
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