Bubble Wrap
Entry
O Stuy Town!
The Observer looks at the Stuy Town sale to Tishman Speyer as a possible stroke of good fortune for tenants of the mega-complex as their bid to buy the property was rejected three years ago.
In a new twist, it’s now at least conceivable that the tenants—along with other former bidders—might just have another crack at Stuy Town, this time at presumably a much less inflated price. Tishman Speyer is on pace, before the end of the year, to exhaust the reserve fund that has been helping it to make debt payments, as Realpoint reported the fund had just $33 million left as of September, down from $400 million in 2007. Since June, the report said that between $7 million and $19 million has been taken out of the reserve fund each month.
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posted about 8 weeks ago
