Tishman Speyer Properties and BlackRock will transfer ownership of Stuyvesant Town/Peter Cooper Village in New York to lenders and their representatives after debt restructuring talks failed.

Tishman, which bought the 80-acre property with BlackRock Realty in 2006 for $5.4bn, missed a $16.1m debt payment on 8 Jan. Gramercy Capital Corp., which holds some of the debt, asked its servicer to remove Tishman as manager of the property, three people familiar with the matter said last week.

bloomberg.com, Wall Street Journal