Even by New York standards THAT IS REALLY BIG. Imagine – 4 years ago, your real estate firm makes a play for what becomes the countries largest real estate transaction – $5.4 Billion. It wins the auction to buy the real estate because it positions itself as a the very best steward for this kind of real estate. Everybody in town said…hmmm…don’t think so…this is a train wreck waiting to happen.

This week, that train wrecked but good! $3 billion dollars worth of train wreck. Thing is…I used to live there, and my wife lived there for 15 years before she met me. The place is awesome and residents of Stuy Town absolutely love the place. But, to a person, nobody liked the previous owners…who basically sucked the life out of the place and jacked up rent every chance they got; ran background checks on nearly every resident in order to establish whether or not they could be evicted so luxury upgrades could be made so rents could be increased.

Serves the bastards right…that’s all I have to say about it. Here’s what the NYTimes has to say about it: http://www.nytimes.com/2010/01/25/nyregion/25stuy.html?hp

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