{"id":1004017375,"date":"2010-02-01T11:55:15","date_gmt":"2010-02-01T19:55:15","guid":{"rendered":"https:\/\/64.70.41.235\/?p=1004017375"},"modified":"2022-12-07T21:47:06","modified_gmt":"2022-12-08T05:47:06","slug":"3b-debt-forces-tishman-and-blackrock-to-return-of-peter-cooperstuyvesant-town-property-to-creditors","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/3b-debt-forces-tishman-and-blackrock-to-return-of-peter-cooperstuyvesant-town-property-to-creditors\/","title":{"rendered":"$3B Debt Forces Tishman and Blackrock to Return Peter Cooper\/Stuyvesant Town Property to Creditors"},"content":{"rendered":"

February 1, 2010
\nBy Barbra Murray, Contributing Editor<\/p>\n

A little over three years after having acquired the 1,000-unit Peter Cooper Village\/Stuyvesant Town (PCV\/ST) multifamily complex in Manhattan from MetLife Inc. for a record-breaking residential price tag of $5.4 billion, joint venture partners Tishman Speyer L.P. and Blackrock Realty have agreed to relinquish control of the property to lender CWCapital Asset Management. With a $3 billion first mortgage on the apartment property hanging over their heads, Tishman and Blackrock will get some relief from the pressure through the deed-in-lieu of foreclosure transaction.<\/p>\n

Consisting of 56 structures occupying 80 acres along First Avenue between 14th and 23rd streets downtown, PCV\/ST was developed more than 60 years ago. The $3 billion debt on PCV\/ST entails five Commercial Mortgage Backed Securities Trusts. Tishman and Blackrock missed a payment on the aforementioned loan–which was transferred to special servicing in early November 2009–on January 8, leaving the partners in default status.<\/p>\n

Transfer of control and operations of PCV\/ST to CWCapital notwithstanding, Tishman and Blackrock still financial commitments on the property. There is an additional $1.5 billion of mezzanine debt outstanding.<\/p>\n

Tishman and Blackrock’s handing over of the apartment community to creditors has left residents wondering how the change will impact them. “This property is not a football for various real estate moguls to fight over as a prize for their portfolios,” Al Doyle, president of the Stuyvesant Town-Peter Cooper Village Tenants Association, said at a press conference held by New York Sen. Charles E. Schumer on January 31. “To us, Stuyvesant Town and Peter Cooper Village are our homes.” PCV\/ST occupants have had to deal with a management merry-go-round for quite a while now, having experienced for changes in teams over the last nine years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Peter Cooper and Stuyvesant Village residents are wondering what is next after Tishman Speyer and BlackRock returned their keys to creditors.<\/p>\n","protected":false},"author":936,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004017375","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"\n$3B Debt Forces Tishman and Blackrock to Return Peter Cooper\/Stuyvesant Town Property to Creditors - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/3b-debt-forces-tishman-and-blackrock-to-return-of-peter-cooperstuyvesant-town-property-to-creditors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$3B Debt Forces Tishman and Blackrock to Return Peter Cooper\/Stuyvesant Town Property to Creditors\" \/>\n<meta property=\"og:description\" content=\"Peter Cooper and Stuyvesant Village residents are wondering what is next after Tishman Speyer and BlackRock returned their keys to creditors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/3b-debt-forces-tishman-and-blackrock-to-return-of-peter-cooperstuyvesant-town-property-to-creditors\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2010-02-01T19:55:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T05:47:06+00:00\" \/>\n<meta name=\"author\" content=\"Allison Landa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/3b-debt-forces-tishman-and-blackrock-to-return-of-peter-cooperstuyvesant-town-property-to-creditors\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/3b-debt-forces-tishman-and-blackrock-to-return-of-peter-cooperstuyvesant-town-property-to-creditors\\\/\"},\"author\":{\"name\":\"Allison Landa\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/0eb45390ae3124c14a919b7ec7bd2249\"},\"headline\":\"$3B Debt Forces Tishman and Blackrock to Return Peter Cooper\\\/Stuyvesant Town Property to Creditors\",\"datePublished\":\"2010-02-01T19:55:15+00:00\",\"dateModified\":\"2022-12-08T05:47:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/3b-debt-forces-tishman-and-blackrock-to-return-of-peter-cooperstuyvesant-town-property-to-creditors\\\/\"},\"wordCount\":301,\"commentCount\":0,\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/3b-debt-forces-tishman-and-blackrock-to-return-of-peter-cooperstuyvesant-town-property-to-creditors\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/3b-debt-forces-tishman-and-blackrock-to-return-of-peter-cooperstuyvesant-town-property-to-creditors\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/3b-debt-forces-tishman-and-blackrock-to-return-of-peter-cooperstuyvesant-town-property-to-creditors\\\/\",\"name\":\"$3B Debt Forces Tishman and Blackrock to Return Peter Cooper\\\/Stuyvesant Town Property to Creditors - 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