Monday, January 25, 2010

Tishman and Blackrock walk away from Stuyvesant Town

“We have spent the last few weeks negotiating in good faith to restructure the debt and ownership of Stuyvesant Town/Peter Cooper Village. Over the last few days, however, it has become clear to us through this process that the only viable alternative to bankruptcy would be to transfer control and operation of the property, in an orderly manner, to the lenders and their representatives.”

In other words, they couldn't get a modification, so they gave the banks the property.

But if a homeowner walks away from his underwater mortgage its a moral issue!!


Anonymous said...

The good thing about the obvious two faced hypocrisy of the walkaway morality issue is that no one is buying it.

Blogs are heavy with examples of banks walking away from bad investments as examples of that hypocrisy. Of course then it was a purely business decision.

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