Irish bank AIB now landlord of Stuyvesant Town in New York | Kelly's Corner | IrishCentral

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Irish bank AIB now landlord of Stuyvesant Town in New York | Kelly’s Corner | IrishCentral

BlackRock, the company employed by the Central Bank of Ireland to conduct the stress tests to be announced today, were involved in a property deal in New York in what is known as Stuy Town, short for Stuyvesant Town, which went badly wrong for them. AIB is now a part owner of the complex.
More details about BlackRock on NAMA Wine Lake.

“AIB is one of three banks which financed Tishman Speyer and Blackrock’s $5.4bn acquisition of Stuyvesant Town and Peter Cooper Village, the historic 80-acre apartment complex on the Lower East Side, in what was the most expensive real estate deal EVER in America.

The 2006 purchase sparked near revolt by the mostly rent-controlled residents at the two complexes over Tishman Speyer and Blackrock’s planned high-end rental flip.”

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Donagh is the editor of Irish Left Review. Contact Donagh through email: dublinopinionAtgmail.com