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Not really. Tishman Speyer Properties and Black Rock Realty jointly bought Stuyvesent Town and Peter Cooper Village (two very large, sprawling apartment comple
by jonprins 16y ago
Not really.
Tishman Speyer Properties and Black Rock Realty jointly bought Stuyvesent Town and Peter Cooper Village (two very large, sprawling apartment complexes in Manhattan) for over $5bn, back in '06. Of course, they had to give it up in January because things didn't work out quite like they expected (rent controlled apartments don't give up the ghost easily; they'd wanted to turn them into high-class ibanker condos).
Source: http://www.theatlanticwire.com/opinions/view/opinion/Americas-Most-Expensive-Real-Estate-Deal-Goes-Bust-2293 http://www.theatlanticwire.com/opinions/view/opinion/America...
- gatsby 16y agoI don't think Tishman's Stuyvesent and PCV purchases were similar to Google's purchase at all. Tishman purchased these properties to generate cash flow from single tenants and as potential development opportunities. Very different from Google's RE strategy. Regardless of short-term fluctuations, Google's NY building will likely be a wise investment because it's a long-term play and they're not dependent on the cash flow that Tishman required to cover their monthly costs. Google will save millions on annual leases, the property will probably continue to appreciate in value over time, and they can write off massive amounts for building depreciation over the next couple decades.