Other People's Money: Inside the Housing Crisis and the Demise of the Greatest Real Estate Deal Ever M Ade

In just over three years, real estate giant Tishman Speyer and its partner, BlackRock, lost billions of investors' dollars on a single deal. The New York Times reporter who first broke the story of the sale of Stuyvesant Town-Peter Cooper Village takes readers inside the most spectacular failure in real estate history, using this single deal as a lens to see how and why the real estate crisis happened. A veteran New York Times reporter dissects the most spectacular failure in real estate history Real estate giant Tishman Speyer and its partner, BlackRock, lost billions of dollars when their much-vaunted purchase of Stuyvesant Town-Peter Cooper Village in New York City failed to deliver the expected profits. But how did Tishman Speyer walk away from the deal unscathed, while others took the financial hit-and MetLife scored a $3 billion profit? Illuminating the world of big real estate the way Too Big to Fail did for banks, Other People's Money is a riveting account of politics, high finance, and the hubris that ultimately led to the nationwide real estate meltdown.