Peter Cooper Village and Stuyvesant Town seems to be a financial sinkhole. In order to avoid bankruptcy, control of the private residential development on the East side of Manhattan was recently handed over to creditors of Tishman Speyer Properties, who bought the 56 building property from MetLife for $5.4 billion in 2006. It was the biggest American residential property deal in history, around a half a million dollars per unit.
It was originally built to provide housing for working people (veterans, cops, teachers, etc.) and because of New York's rental stabilization laws many people still live there who would not be able to afford "luxury" apartments. The strict laws and protests from residents killed plans by Tishman Speyer to hike rent, causing them to foreclose.
Donald Trump is now interested in investing in the nearly 11,000 apartments, telling the New York Post, "people have asked us if we would be interested in running it or buying it. We are looking at it right now very seriously."
This seems to be a boot that does not fit and if Trump and his partners follow up on this it may blow up in their faces, joining a long list of Trump failures. The red brick design and housing project architecture seems out of place when compared to the famously grandiose Trump properties. Given his previous brushes, both business and personal, with Chapter 11 he might want to stay away from Stuy Town.
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