Other People's Money

Other People's Money

Inside the Housing Crisis and the Demise of the Greatest Real Estate Deal Ever Made

Book - 2013
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Penguin Putnam
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.

How did the smartest people in real estate lose billions in one single deal? How did the Church of England, the California public employees’ pension fund, and the Singapore government lose more than one billion dollars combined investing in a middle-class housing complex in New York City? How did MetLife make three billion dollars on the deal without any repercussions from a historically racist policy of housing segregation? And how did nine residents of a sleepy enclave in New York City win one of the most unlikely lawsuits in the history of real estate law?

Not only does Other People’s Money answer those questions, it also explains the current recession in stark, clear detail while providing riveting first-person accounts of the titanic failure of the real estate industry to see that a recession was coming. It’s the definitive book on real estate during the bubble years?and what happened when that enormous bubble exploded.


Baker & Taylor
Documents how real estate giant Tishman Speyer and its partner, BlackRock, lost billions of investor dollars in a single failed deal and explores how the events surrounding the infamous deal reflected the ongoing real estate crisis.

Baker
& Taylor

The New York Times reporter who broke the story on the Stuyvesant Town sale documents the losses of investor billions by real estate giant Tishman Speyer and its partner, BlackRock, explores how the events surrounding the infamous deal reflected the ongoing real estate crisis. 25,000 first printing.

Publisher: New York : Dutton, c2013
ISBN: 9780525952657
0525952659
Branch Call Number: 333.77 BAG 2013
Characteristics: xxviii, 387 p. : ill., maps ; 24 cm

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StarGladiator
Jul 23, 2014

Ahhh....but did BlackRock, through a series of offshore vehicles, purchase naked swaps [uncovered credit default swaps] against those losses [also known as credit events] and thereby actually profit? [FYI: President Obama's latest appointment to head HHS was director at MetLife when they became an overnight bank holding company.]

e
ecurbkit
Jun 14, 2013

This is a fine book but oh how I wish it had an index and an appendix describing the key players. I finished reading the entire book before understanding much of what was going on. On the other hand it reads like a thriller. I could not put it down.

s
StarGladiator
May 28, 2013

In 2014, The Stranger newspaper ran several stories, written by Marti Jonjak, which was basically the same as this book, wherein private equity firms and their subset, the property management firms, purchased her building, except that took place on a smaller financial level. Same situation, though. Instead of Pacific Living Properties, in this book it was BlackRock and Tishman Speyer (MetLife as an investor). The better question? Then why was BlackRock put in charge of overseeing those TARP bailout funds? Why was the insurance company, MetLife, allowed to become a bank holding company just to collect on those TARP bailout funds? The Big Question: did BlackRock, through a series of offshore vehicles, purchase a number of naked swaps and therefore profit from that gigantic loss?

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