Tishman Speyer Properties and BlackRock will miss a bond payment today on debt from their $5.4bn purchase of Manhattan’s Stuyvesant Town and Peter Cooper Village apartments, the companies said in a statement.

'Today’s announcement has no immediate impact on tenant services or the day-to-day operations of the community,' Tishman and BlackRock said in a joint statement.

Missing the payment puts the 80-acre property, Manhattan’s largest residential enclave, on course to become the second- largest default in a commercial mortgage-backed security, after the $4.1 billion default of loans backing Extended Stay America Inc. hotels last year, according to Fitch Ratings. Tishman and BlackRock’s monthly debt payments are $16.1m, according to Adam Fox, senior director at Fitch.

bloomberg.com