Government of Singapore Investment Corp., manager of more than $100bn of the city-state’s foreign reserves, reported losses from its investment in Manhattan’s largest residential enclave.

Tishman Speyer Properties and BlackRock said on 8 Jan they missed a bond payment tied to their $5.4bn purchase of the 80-acre property, which includes Stuyvesant Town and Peter Cooper Village apartments. Missing the payment puts the property on course to become the second-largest default in a commercial mortgage-backed security in the US

GIC owns a $575m mezzanine loan backed by the property

bloomberg.com