The Church of England appears set to take a $70 million loss in the US real estate market, losing its entire investment in New York City\u2019s Stuyvesant Town\/Peter Cooper Village apartment complex.<\/p>\n
On Oct 14 the Wall Street Journal reported the partnership venture led by Tishman Speyer Properties that purchased the 56-building, 11,000-unit residential complex in lower Manhattan was in danger of default. As of the end of September, the Journal reported, the partnership had $33.7 million left of $400 million in interest reserves to service its debt. With a \u201d\u02dcburn rate\u2019 of $16 million per month, real estate analysts predict the project will be in default by year\u2019s end.<\/p>\n
At the height of the Manhattan property market, the Church Commissioners of the Church of England invested $70 million as equity partners in the project, alongside the California Public Employees Retirement System which invested $500 million, and the Florida State Board of Administration which committed $250 million to the deal.<\/p>\n