CityRealty Insider > New Developments in the News

New Developments in the News

NOVEMBER 16, 2009

Stuy Town investors deal with their losses; Dia Art Foundation comes back home to Chelsea

A $3 billion mortgage for Stuyvesant Town and Peter Cooper Village has been transferred from a partnership led by Tishman Speyer and BlackRock Realty to a "special servicer" due to the sponsors' "request for relief." According to a recent Bloomberg article, the current value of the property has plunged to $1.8 billion. The partners paid $5.4 billion in 2006 to acquire the property under the assumption that they would be able to convert many apartments to unregulated market-priced rentals. A recent court ruling in a lawsuit brought by tenants—as well as a significant downturn in the residential market—has nixed that plan.

The Dia Art Foundation will be returning to its orginal Chelsea home–the foundation has decided to construct a new exhibition space at 545 West 22nd Street. Foundation director Philippe Vergne says the new space will provide a New York City location for commissioned artworks, exhibitions and long-term installations as well as public programs like readings, lectures, symposia and performances.

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