"On Friday, Standard & Poor’s dropped its rating on the bonds used in Tishman’s $5.4 billion purchase of the Stuyvesant Town and Peter Cooper Village apartment complexes in 2006, the biggest real estate deal in modern history. Standard & Poor’s said it cut the rating, in part, because of an estimated 10 percent decline in the properties’ value and the rapid depletion of reserve funds."(Keep in mind that Tishman's partner in the Stuy Town deal is BlackRock, which Merrill Lynch bought several years ago, and which itself was sold to Bank of America last week.)
Permalink: http://dowwtf.blogspot.com/2008/09/standard-and-poors-drops-rating-on-stuy.html
