Stuyvesant Town Complex Could Default Soon

October 14, 2009

The Wall Street Journal reported that the Stuyvesant Town apartment complex on Manhattan's East Side, which was bought by a Tishman and BlackRock (BLK) joint venture in 2006 for 5.4 billion dollars, may default on its debt by the end of the year. The purchase was financed with equity, along with a 3 billion dollar first mortgage, plus an additional 1.4 billion dollars of mezzanine debt.