Peter Cooper Village, Stuyvesant Town Apartments Turned Over to Creditors: The two real estate properties, Peter Cooper Village and Stuyvesant Town Apartments located in Manhattan New York owned by the joint venture of Tishman Speyer Properties and BlackRock Realty were already turned over to creditors.

“We make this decision as we feel a battle over the property or a contested bankruptcy proceeding is not in the long-term interest of the property, its residents, our partnership or the city,” Bud Perrone, partnership spokesman said in an e-mailed statement.

The real estate partnership group, which used a $3 billion mortgage and a $1.4 billion secondary loan to buy both Peter Cooper Village, Stuyvesant Town Apartment, had been trying to restructure its debt. It couldn’t make a $16 million loan payment due Jan. 8.

Peter Cooper Village and Stuyvesant Town Apartments are so big that they have their own newspaper. These apartments were built by Metropolitan Life in the 1940s for returning World War II veterans. However, MetLife Inc. decided to sell them in 2005, when real estate prices were soaring. This is just one of the causes of recession.

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Tags: Peter Cooper Village, Recession, Stuyvesant Town