Everyone Owns Stuyvesant Town Now

The single greatest real estate transaction failure came to pass overnight, with Tishman Speyer actually giving up crazy purchase Stuyvesant Town instead of filing for bankruptcy. Now, the property was entirely a lended and borrowed deal, though everyone talks “Speyer this” and “Speyer that.” Of the $5.4 billion raised, Tishman Speyer only put up $112 million, and for some reason I don’t understand, there was also $56 million as well from Mr. Jerry Speyer and his goodlookin’ son. (Why bother? They clearly weren’t good for much more.) Their pals in the real estate wing at BlackRock, the immense investment management services, scraped together $3 billion in secured debt and another $1.4 billion in mezzanine loans from everyone around the world pretty much. Everyone wanted in on this trough! Reading the Times, Reuters and the Post this morning, however, no one actually names pretty much any of the huge number of creditors who were defaulted on earlier this month and who, yes, now own Stuyvesant town. Hey, who’s your landlord? The creditors include basically everyone everywhere: Winthrop Realty Trust, SL Green Realty Corp and/or Gramercy Capital Corp… and around the world it goes! Deutsche Genossenschafts-Hypothekenbank AG! Hartford Financial Services Group! Allied Irish Banks Plc! Oh right: you know, those suckers that are the state of Florida.