Tishman Speyer and BlackRock-Led Joint Venture to Transfer Control and Operation of Stuyvesant Town/Peter Cooper Village to Lenders

Statement from spokesperson for the joint venture:

We have spent the last few weeks negotiating in good faith to restructure the debt and ownership of Stuyvesant Town/Peter Cooper Village. It was our hope in these discussions that our partnership would remain as part of the long-term ownership.

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.

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