The CRE default train is picking up speed. A huge and storied residential development in the Big Apple just got handed to its creditors (i.e., the Greater Fools) via jingle mail:
Oh, BTW, CalPERS was one of the biggest investors in this property's mortgages. Remember their plan to double-down on illiquid assets? Great idea. :-( BOHICA, California taxpayers, because you'll get the bill to fill CalPERS' smoking holes.
Stuff like this is making me happy that I bought puts against IYR, a real estate ETF.
Tishman Speyer Properties LP and BlackRock Inc. will cede control of Stuyvesant Town-Peter Cooper Village to lenders after the value of Manhattan’s largest housing complex fell and they were prevented from raising rents.X
Oh, BTW, CalPERS was one of the biggest investors in this property's mortgages. Remember their plan to double-down on illiquid assets? Great idea. :-( BOHICA, California taxpayers, because you'll get the bill to fill CalPERS' smoking holes.
Stuff like this is making me happy that I bought puts against IYR, a real estate ETF.
