Brookfield Leagues With Stuy Town Tenants For Buyout Bid

Law360, New York (November 30, 2011, 4:19 PM EST) -- Investment manager Brookfield Asset Management Inc. is teaming up with residents of Stuyvesant Town and Peter Cooper Villages, Manhattan’s largest apartment complex, in an effort to buy the stricken properties from bondholders in a multibillion-dollar deal, the tenant association announced Tuesday.

The tenant association agreed to work with Toronto-based Brookfield to bid for the adjacent properties, which fell into the bondholders' hands after Tishman Speyer Properties LP and BlackRock Inc. defaulted on more than $4 billion in loans in 2010.

“We simply cannot — and will...
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