Jerry and Rob Speyer’s record-setting $5.4 billion purchase of Stuyvesant Town and Cooper Village has become a money vacuum, as the high cost of debt service and relatively low rent income is expected to eat away a remaining $127.7 million in cash reserves in about six months.
The new figures come from Fitch Ratings, which today released an analysis on debt associated with the property.
When the reserve is completely eroded, Tishman Speyer, who partnered with Blackrock in the fall 2006 purchase of the 11,227-apartment complex, would need to put in more cash or potentially face default on its loans. read more »
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