Commercial real estate developer Tishman Speyer said it will hand over the massive New York residential complexes Peter Cooper Village and Stuyvesant Town to its creditors after Tishman defaulted on the $5.4 billion property.
The failure of Stuyvesant Town and Peter Cooper Village marks one of the biggest commercial real estate failures in recent history and offers another sign of just how much trouble there is in the nation’s housing market.
In a statement, Tishman said “it has become clear to us through this process that the only viable alternative to bankruptcy would be to transfer control and operation of the property, in an orderly manner, to the lenders and their representatives.”
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