stuyvesantThis one’s been in trouble for awhile, and now WSJ is reporting that the epic NYC apartment complex Stuyvesant Town is just months away from implosion.

See what it’s like to live there >

The 56-building, 11,000 unit complex was acquired at the peak of the bubble for $5.4 billion by Tishman Speyer and BlackRock, with investors ranging from CALPERS (naturally) to the Church of England (not as obvious).

Here’s the deal:

  • The property is now thought to be worth just $2.1 billion.
  • The buyers originally projected income would triple to $336 million in 2011, but right now it’s only at $139 million.
  • They’ve got just $33 million cash on hand from its interest reserves to cover its debt, and a burn rate of $16 million.

So basically: they’re screwed.

Meanwhile, this sad state of affairs explains why StuyTown is so eager to advertise on subways and magazines, in a desperate bid to gain tenants? Perhaps you want to help them out and live in converted public housing (which is what it is).

Take a look at what a wonderful place it is >

See Also:

A Guided Tour Of NYC Commercial Real Estate Wreckage