For those of you who don’t know New York City very well, on the East River there is an 80 acre, 9 square block city-within-a-city called Stuyvesant Town/Peter Cooper Village that is home to 56 residential buildings – about 11,500 apartments for 25,000 residents.
And the entire thing was just foreclosed on over the weekend – a $5.4 billion foreclosure. As the great 1980’s philosopher Yakov Smirnoff would say, “What a country!”
The over-leveraged, deadbeat “homeower” in this case is not a dentist from California or a general contractor from Las Vegas. This time, it’s Tishman Speyer Properties, a once-powerful real estate giant that did what many Americans did at the top of the bubble – something arrogant and foolish.
Read more Faster Times
Related News
