NYT--The California Public Employees’ Retirement System is considering giving BlackRock, its real-estate adviser, the heave-ho after the firm steered the pension plan into an investment in Stuyvesant Town and Peter Cooper Village, a pair of gigantic Manhattan apartment complexes now considered one of the biggest real estate flops of the boom, The Wall Street Journal reported.
At the height of the real estate bubble in 2006, an investment group led by New York City real estate firm Tishman Speyer Properties and BlackRock Realty Advisors paid $5.4 billion for the pair of complexes.
BlackRock then advised Calpers to sink $500 million into complex, which real estate analysts now say could be just two to three months away from a likely default.
WB7: Here's are two good questions. What is California Public Employee Pension money doing backing real estate scheisters who are shaking down rent controlled apartments in NYC. Does anyone from Black Rock live in Stuy Town?
Screw them all!!!
.jpg)
Posts
No comments:
Post a Comment