And guess what? The bubble burst and the partners are about to default on their loans.
Wednesday, September 09, 2009
Undermining NYC's Middle Class
At the height of the real estate bubble, a year or so before the shit hit the fan, the giant NYC apartment complexes Peter Cooper Village and Stuyvesant Town were sold for a large fortune to Tischman-Speyer and BlackRockRealty. I was semi-enraged because of the prospect of soaring rents in these solidly middle-class, rent-stabilized apartments.