A joint venture that acquired a huge New York apartment complex from an arm of MetLife Inc. in 2006 says it will give the complex to its creditors.
Units of Tishman Speyer Properties Inc., New York, and Black Rock Inc., New York, formed a joint venture that paid $5.4 billion for Stuyvesant Town and Peter Cooper Village as the commercial real estate market and the market for commercial mortgage-backed securities were peaking.
The deal produced a gain of about $3 billion, MetLife, New York (NYSE:MET), said at the time.
