Well – the biggest foreclose in the history of foreclosures in not being called a foreclosure because the debtors have decided to hand the property over to the creditors without any legal battles. Wisely, I think. The Stuyvesant Town and Peter Cooper Village in Manhattan, which includes 110 buildings, 11,000 apartments and over 25,000 tenants was purchased in 2006 for the then-staggering sum of $5.4 billion by Tishman Speyer Properties and BlackRock Realty with the intention of evicting the rent-regulated tenants, turning the empty apartments into luxury developments and make a substantial fortune in the process.

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