A partnership of Tishman Speyer Properties and BlackRock were denied $1.5 billion in federal bail-out funds for Stuyvesant Town and Peter Cooper Village, the 80-acre housing enclave east of First Avenue between 14th and 23rd Streets that it bought in 2006 for about $5.4 billion, according to an article December 25, 2009 by Paul Tharp in The New York Post.
The Federal Reserve Bank of New York recently received 58 applications for bail-out bonds under its Term Asset-Backed Securities Loan Facility (TALF) and accepted all but three requests, the article said, adding that the Tishman Speyer/BlackRock was one of the three rejected requests.
The article said that the credit rating agency RealPoint said last month that the owners had $6.75 million left in reserves for the residential enclave and that the value of the property declined by more than 50 percent because of a court ruling that made it unable to raise regulated rents to market rates.
Earlier this month, the New York State Court of Appeals ruled ordered market rate rents rolled back at the development for at least six months beginning January 1, the article said, adding that the Federal Reserve gave no reason for its denial of the request.
The Federal Reserve Bank of New York recently received 58 applications for bail-out bonds under its Term Asset-Backed Securities Loan Facility (TALF) and accepted all but three requests, the article said, adding that the Tishman Speyer/BlackRock was one of the three rejected requests.
The article said that the credit rating agency RealPoint said last month that the owners had $6.75 million left in reserves for the residential enclave and that the value of the property declined by more than 50 percent because of a court ruling that made it unable to raise regulated rents to market rates.
Earlier this month, the New York State Court of Appeals ruled ordered market rate rents rolled back at the development for at least six months beginning January 1, the article said, adding that the Federal Reserve gave no reason for its denial of the request.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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