“Top Of The Pecking Order” for Housing Bubble Blowups
Posted by Matthew Brian Hersh on January 26, 2010
The New York Times has a pretty good rundown of all the players involved in the collapse of the sale of New York City’s Cooper Village and Stuyvesant Town apartment complexes, replete with this quote:
“It’s the poster child for the entire housing bubble,” said Daniel Alpert, managing partner of Westwood Capital. “There’ll be some other spectacular blowups, but this will be at the top of the pecking order.”
While investors are left in limbo, the residents of some 11,000 apartments are also left in the lurch as maintenance of the 80-acre complex is widely believed to suffer as creditors take over the twin housing complexes.