Feb 4, 2010
Five Billion Dollar Real Estate Deal in New York City Goes Bust
Last month one of the biggest Real Estate Housing Projects of all time went bankrupt.
The owners of the $5.4B NY housing complexes let the project go to creditors.
The joint venture ownership team led by Tishman Speyer Properties and BlackRock Realty, hurt by the real estate market collapse, couldn't make a multimillion-dollar loan payment earlier this month for the Stuyvesant Town and Peter Cooper Village apartments in Manhattan.
But President Obama says the economy is getting better. It may for banks because the taxpayer keeps bailing these morons out and paying for this mess.