“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.
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Matthew Brian Hersh proudly served as senior editor at Shelterforce from March 2008 to October 2012. He studied English at Rutgers University and has spent his professional career in journalism, policy, and politics. He displays many of the trappings of a New Jersey sports fan: dispirited Mets fan, former Nets fan before they left the state, and normally satisfied Giants fan. Hersh lives in Highland Park, NJ with his wife and two children.