Special servicer gets debt on Stuyvesant Town-Peter Cooper Village

11/9/2009 | Bloomberg

The $3 billion of debt on the troubled Stuyvesant Town-Peter Cooper Village property in Manhattan has been handed over to special servicer CW Capital. Fitch Ratings said there is a good chance the property will be sold or the debt restructured. The owners of the property are BlackRock Realty and Tishman Speyer Properties. Fitch said the property isn't generating enough positive cash flow to cover the debt service and the reserve fund probably will be exhausted before the end of the year.

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