Stuyvesant Town goes to creditors
[Straight from Metafilter] Tishman Speyer Properties is defaulting on its $5.4 billion, high profile acquisition of the enormous Stuyvesant Town apartment complex in Manhattan, resulting in million in losses for investors and possibly “signaling the beginning of what is expected to be a wave of commercial-property failures”. The failure is the result of an aggressive business model designed to “push moderate income tenants out and replace them with well-heeled renters willing to pay rents at a much higher price” a practice referred to as Predatory Equity. [more inside]
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