My Friend Ben Jonker sent me this article from the Sydney Morning Herald this morning. It is about the set of apartments we lived in while in New York. It is called Stuyvesant Town, and it's sale a few years back was the largest property deal in US history. But a few year on, they are in big trouble. From the article:
Stuy Town is...
...a complex built immediately after Word War II and so vast that its 110 connected apartment blocks have their own newspaper. The lenders to the deal included the world's savviest property speculators, such as the Singapore government and the Church of England. They watched in horror as the asset crashed to a value of less than $2 billion. Last last month the humiliated owners - they had borrowed $4.4 billion - handed back the keys to their banks and walked off.
Its incredible how much was lost.
Take a read.
Imagine just handing over the keys...
The First Pic is outside our old apartment.