Today’s announcement has no immediate impact on tenant services or the day-to-day operations of the community. The debt for Stuyvesant and Peter Cooper Village is secured exclusively by the property and is not cross- collateralized with any others. It does not impact, nor is it impacted by, any other properties in which Tishman Speyer or BlackRock may be invested.

—Tishman Speyer and Blackrock on missing today’s $16.1m monthly payment on debt associated with the $5.4b purchase of the Stuyvesant Town and Peter Cooper Village apartments, with a distinct attempt to firewall the effects of any eventual default

He said that they were going to miss a payment and that would begin the process of a default

—Daniel Garodnick, NYC Councilman, on a conversation with Rob Speyer yesterday