By Charles V. Bagli, Dutton Group, New York, 387 pages, $28.95
In the wake of each speculative bubble, there is always one transaction that is symbolic of the times. For the period of 2004-2006, that deal was Tishman-Speyer’s $5.4 billion purchase of Stuyvesant Town and Peter Cooper Village (STPCV) in late 2006. By 2010, the highly leveraged deal was in ruins. The debacle is chronicled well in Charles V. Bagli’s new book, which expertly recounts the financial euphoria that gripped the market and threatened the most significant middle-income housing development in Manhattan.
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