Poor Stuyvesant Town is in serious trouble

The sprawling Manhattan apartment complex known as Peter Cooper Village and Stuyvesant Town – acquired for $5.4 billion in 2006 by a venture of Tishman Speyer Properties and a unit of Black Rock – is running out of cash, the Wall Street Journal reports.

As of the end of September, it had $33.7 million left of the $400 million in interest reserves set up to service its debt, according to the people familiar with the matter. At its current burn rate of about $16 million per month, the reserve could be depleted before the end of the year, the people said. Others have said the venture could avoid default until February. Continue reading

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