Owners: $5.4B NY housing complexes go to creditors
Like many homeowners who owe more than their properties are worth, the heavy hitters behind the most expensive real estate deal in U.S. history are giving up the two massive apartment complexes they bought during the nation’s housing boom.
The 110 buildings and 11,000 apartments that make up Manhattan’s Stuyvesant Town and Peter Cooper Village will be turned over to creditors who financed the $5.4 billion deal in 2006, the ownership team said Monday. Fitch Ratings estimates the property now is worth $1.8 billion.
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