10 big commercial real estate busts
As acute as the pain has been in the U.S. housing market, commercial real estate has been no stranger to trouble. Here is a glimpse of some high-profile victims that have been claimed so far.
1. Stuyvesant Town & Peter Cooper Village
Loan balance: $3 billion
Size: N/A
Location: New York, N.Y.
It was the deal that would underscore both the highs and the lows of the Manhattan real estate market. When insurance giant MetLife put the 11,000-unit apartment complex on the block in 2006, it became one of the most coveted commercial properties, sparking a fierce bidding war. In the span of a little more than three years however, Stuyvesant Town/Peter Cooper Village quickly morphed from the proverbial brass ring into a white elephant as its buyers choked on the massive amount of debt used to finance the purchase. The owners - Tishman Speyer Properties and BlackRock Realty -- handed over the property to its creditors in January.
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