Biggest real estate investment in U.S. history close to collapsing

10/27/2009 |

When Tishman Speyer Properties and BlackRock Realty Advisors paid $5.4 billion for the Stuyvesant Town and Peter Cooper Village apartment complexes in 2006, the transaction marked the biggest real estate deal in U.S. history. Now, the owners are expected to let the New York City properties go into default within two or three months. Some experts estimate the value of the 80-acre property, with 25,000 residents, at less than the total debt secured by the complexes.

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