When we last checked in on the state of the sprawling Manhattan apartment complex known as Peter Cooper Village and Stuyvesant Town, it was at high risk of default on some $4.4 billion in loans. That was the beginning of September, and the prognosis is still negative. At the end of the month, it had $33.7 million left of the $400 million in interest reserves set up to service its debt, sources tell the Wall Street Journal. This means that at its current burn rate of about $16 million per month, the reserve could be depleted before the end of the year.
One credit-rating agency estimates that the property is worth only $2.1 billion now, less than half of the purchase price. When the Tishman-Speyer purchased the property from MetLife in late 2006, they anticipated turning thousands of rent-regulated units to luxury rentals. It's tempting to ha-ha, but investors who bought into the deal included the pension funds of several other states. Now everybody's going to lose their shirts, and they still haven't caught that college kid who shit in the stairwell.




They are also screwed because a woman was almost choked to death outside 8 Stuyvesant Oval 10 days ago because of all the new shrubbery...- from Town and Village (which does not have the story straight - the woman confirmed it was not a robbery and that she was choked....)
Stuy Town woman attacked and robbed
By Sabina Mollot
A Stuyvesant Town woman who was walking home from work was jumped, pulled behind some trees and choked by a man who may have been following her, she said this week.
The 28-year-old victim said it was about 2 a.m. on Sunday, September 27 when a man snuck up behind her in front of 8 Stuyvesant Oval and put her in a headlock.
At first thinking it was a joke, the woman said she didn't fight back too hard right away until the man actually picked her up and headed a few yards away towards some trees in front of the building's main level. It was there, she said, that the man got on top of her and began choking her.
According to the victim, she tried to scream, but he put his hand over her mouth. She then bit his finger and he responded by sticking his fingers into her throat. “He was trying to gag me,” said the woman, who asked that her name not be printed. At one point, though, she said instinct took over and she was able to fight back with more force, throwing him off her for long enough to scream for help. Neighbors soon responded by banging on their windows and yelling. This was apparently enough to frighten away the attacker, who grabbed his victim's purse and fled.
After the man ran off, the woman used a nearby emergency call box for help, and security was at the scene “in seconds,” she said.
The woman, a lifelong resident of Stuyvesant Town, said she never saw her attacker's face because of how dark it was outside, but does remember that he was about 5 ft. 11 in., black with shoulder length dreadlocks and appeared about 35 years old with a medium build.
She also believes he lives in the neighborhood, since she was later told that a man of that description was seen shortly after the attack at 14th Street and First Avenue. After being spotted, he ran towards 12th Street and Avenue B, she said.
Security officers later found the victim's purse, minus her cash, which she estimates was between $200-$300, in some bushes. She also had to lose out on some money by staying home from work. Not having health insurance, the resident said she never sought treatment for her injuries, which were two black eyes framed by numerous broken capillaries as well as broken capillaries inside her eyes as a result of being choked.
But despite her injuries, she said she was glad she fought back since her attacker didn't seem to expect it.
“He saw I was small, but I'm glad I fought back. I used my teeth, my hands, my vocal cords.”
Since the incident last week, the woman said she hoped Tishman Speyer would consider installing some more lighting near buildings and removing some of the denser foliage.
“It'd be easy to target someone in Stuyvesant Town,” she said, referring to the landscaping near 8 Stuyvesant Oval's main level, which is especially thick with trees.
“It's like they planted a forest outside and we're in front of Campos Plaza. It's a breeding ground (for criminals).”
She added that she normally looks around her late at night, but said because it was raining that night, she had her head down.
After reporting the incident, she said she has noticed that Stuyvesant Town's security patrols have been beefed up. One of the security offers even visited her after the attack to see how she was doing.
And according to Deputy Inspector Timothy Beaudette, the commanding offer of the 13th Precinct, plainclothes cops from the NYPD have been assigned to the area as well.
Two days after the attack was reported, police made an arrest of a man who matched the description of the attacker. That man was nabbed for allegedly stealing a woman's cell phone in Stuyvesant Town.
However, he was later let go after cops were led to believe he couldn't have been the same person.
A spokesperson for Tishman Speyer said the landlord was doing “everything we can to assist the 13th Precinct in its ongoing investigation.”
you are dead-on... Met Life, who previously owned the property, maintained a relatively safe and livable complex. Landscaping, while nothing to write home about, at least had no "blind spots," especially near building entrances. When T/S planted all of those trees and shrubs, I said to a friend "well, this is going to be a mugger's paradise." And it is.
And Tishman Speyer missed an opportunity to milk the tennants with coin-operated elevators, faucets, stoves, etc...
at least thompson didn't invest in this gem like CALPERS and Florida did. maybe bloomberg can bail them out.
just make it the NYU campus.