Mammoth Manhattan apartment complex running out of cash

The huge Peter Cooper Village and Stuyvesant Town apartment complex in Manhattan that sold for $5.4 billion in 2006 is running out of money and could go into default before the end of this year, The Wall Street Journal reported. An estimate by Realpoint said the property's current value is about $2.1 billion. If that number is correct, all of the equity investors have seen their stakes wiped out and many lenders stand to take big losses.

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