[1]
One of the mysteries of the recent credit boom was the way very smart people made decisions that they now regret. Hugh Kelly and I in our latest podcast [2] agreed that “you do the math” simply wasn’t enough. Knowledge of rent regulation intentions was imperative.
Rental office site for Stuyvesant Town/Peter Cooper Village [3]
One of the largest examples of the credit disconnect and the moment I realized the credit bubble had peaked was the moment I heard that the price paid for Stuyvesant Town/Peter Cooper Village [1] was $5.4B a few years ago.
A recent ruling on rents [4] may have been the last straw.
My commercial partner John Cicero in our Miller Cicero [5] commercial valuation concern lays this out plain as day in his Commercial Grade blog [6] extolling the virtues of an excellent white paper [4] by Barbara Byrne Denham, Chief Economist of Eastern Consolidated Properties.
Here’s a great blog [7] on the building complex.