TOP STORY
By Susan Piperato, Managing Editor
 Brookfield Asset Management Inc., the Toronto-based global asset manager, has been going after several big ticket distressed properties to add to its portfolio of private and infrastructure assets worth an approximate $150 billion.
One of its targets: Peter Stuyvesant Town and Peter Cooper Village—a project that has come to epitomize distressed real estate. Manhattan-based Tishman Speyer in a joint venture with BlackRock Realty purchased the mammoth apartment complex in October 2006 for $5.4 million. The twin complexes include 56 buildings that total more than 11,000 units, making them Manhattan’s largest single pair of apartment complexes. The property extends over 80 acres of land between east 23rd street and 14th street. The properties’ eastern boundary is FDR Drive, which runs north/south along the edge of the East River.
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RESEARCH CORNER
By David Bodamer, Editorial Director
 CMBS delinquencies dropped sharply in November after rising the previous two months, but it may be the last good news for a while as researchers expect that as 2007-vintage loans mature further delinquencies will set in.
Two outlets that specialize in monitoring CMBS delinquencies, Trepp and Morningstar, each issued reports last week with Trepp’s report updated through November and Morningstar’s review covering through the end of October. Through October, Trepp reported the CMBS delinquency rate at 9.77 percent—the second highest point on record trailing only July’s figure of 9.88 percent. Morningstar, meanwhile, said the delinquency rate had hit 8.35 percent in October. Both firms measured rates rising in September and October after having fallen in August. In addition, Trepp’s latest report showed that the delinquency rate dropped 26 basis points to 9.51 percent in November.
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DISTRESS NEWS
Staff Reports
DebtX is selling $416 million in performing and non-performing loans for 14 financial institutions and the U.S. Department of Housing and Urban Development (HUD).
Other firms with recent distressed deals and announcements include Auction.com, Tikijian Associates, Brenner Real Estate Group, Dalfen America Corp. and Bluett & Associates.
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