Stuyvesant Town And Peter Cooper Village Poster Child of Easy Credit Excess
When we look back at the implosion in the real estate markets, the example I see being used the most will be Tishman’s purchase of Peter Cooper Village and Stuyvesant Town in New York City. This will be the poster child example.
I bring this up because today Tishman Speyers Properties gave up their ownership stake in the properties to their creditors. What most likely is the biggest deed in lieu of foreclosure in the history of mankind.
The only people happy over the debacle of the Stuy Town purchase are the MetLife shareholders who made out like bandits, and some bankers that pocketed the extraordinary fees from the deal.
The property’s owners signaled they would be unable to reach a deal with lenders and instead decided to allow creditors to proceed with what amounts to an orderly deed-in-lieu of foreclosure, which means a borrower voluntarily gives the property back to lenders to avoid a foreclosure proceeding.
“It has become clear to us through this process that the only viable alternative to bankruptcy would be to transfer control and operation of the property, in an orderly manner, to the lenders and their representatives,” the venture said in a statement to The Wall Street Journal. “We make this decision as we feel a battle over the property or a contested bankruptcy proceeding is not in the long-term interest of the property, its residents, our partnership or the city.” via the WSJ
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Comment by Mike Andrews on 25 January 2010:
All part of the cycle. Just grin and bear it and know that someday all this will be behind us and hopefully we’ll have learned some valuable lessons.
Comment by moving on 25 January 2010:
It’ll all be fine there’s no issues in the real estate market. Billion here billion there what’s to worry about.