Stuyvesant Town
From Taighde
Stuyvesant Town is the largest apartment complex in New York City. It houses around 25,000 residents on 80 acres of land. In 2006, it was purchased by a consortium for 5.4 billion. It is believed that the complex is worth half of what it was in 2006. It has suffered several court decisions against the owners of the building. It is believed that the consortium will default on their loan repayments in January 2010.
According to court documents, the Government of Singapore Investment Corporation (GIC) owns $100 million of equity and $575 million in mezzanine debt from the consortium. In January 2010, the GIC declared that it will suffer loses on its investment. If the consortium defaults, the GIC will most likely lose their entire stake. This would be the largest real loss in GIC's history.
