A Whopping $5.4 Billion dollar development on the East side of Manhattan

At a whopping $5.4 billion, the Styvesant Town development on the east side of Manhattan continues to be the largest commercial real estate deal of its kind in American history. In 2006, Tishman Speyer LP, which also controls Rockefeller Center and the Chrysler Building, and investment firm Black Rock bought Stuyvesant Town-Peter Cooper Village from Metlife. On Monday, Jan. 25, they handed the keys to the sprawling 80-acre Manhattan residential complex of 110 buildings and 11,227 apartments over to their banking creditors, which include Freddie Mac ( FRE – news – people ) and Fannie Mae ( FNM – news – people ), defaulting on $3 billion in loans. In a November interview with Steve Forbes, Editorial Director and Associate Publisher of Real Capital Analytics Peter Slatin, used Stuyvesant Town- Peter Cooper Village as an example of the “suffering from fallout in values, undercut by the terrible over-leveraging of many properties” that has plagued the commercial real estate industry. [Read the full article]

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Fannie Mae (NYSE: FNM) will redeem the principal amounts indicated for the following securities issues on the redemption dates indicated below at a redemption price equal to 100 percent of the principal amount redeemed, plus accrued interest thereon to the date of redemption:

Principal Security Interest Maturity Date CUSIP Redemption Amount Type Rate Date $110,000,000 MTN 2.000% Feb. 12, 2014 3136F96L2 Feb. 12, 2010 $20,000,000 MTN 3.050% May 12, 2014 3136FHSA4 Feb. 12, 2010 $75,000,000 MTN 5.750% Feb. 12, 2024 3136F5AN1 Feb. 12, 2010

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. [Read the full article]

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