The landlords who acquired a massive apartment complex in Manhattan in 2006 for a record sum have decided to give up control of the property to their lenders, as the biggest residential real estate deal in U.S. history has collapsed after a missed debt payment.
A group led by Tishman Speyer Preperties LP has decided to turn over the Peter Cooper Village and Stuyvesant Town apartment complex in Manhattan to its creditors.
The complex of apartments had been acquired from MetLife Inc in 2006 for $5.4 billion.