Other People's Money: Inside the Housing Crisis and the Demise of the Greatest Real Estate Deal Ever Made - Paperback
by Charles V. Bagli (Author)
A veteran New York Times reporter dissects the most spectacular failure in real estate history
Real estate giant Tishman Speyer and its partner, BlackRock, lost billions of dollars when their much-vaunted purchase of Stuyvesant Town-Peter Cooper Village in New York City failed to deliver the expected profits. But how did Tishman Speyer walk away from the deal unscathed, while others took the financial hit--and MetLife scored a $3 billion profit?
Illuminating the world of big real estate the way Too Big to Fail did for banks, Other People's Money is a riveting account of politics, high finance, and the hubris that ultimately led to the nationwide real estate meltdown.
Charles V. Bagli is a New York Times reporter who covers the intersection of politics and real estate. He has written about the sale of high-profile buildings, political contributions of the real estate industry, the battle to build a two-billion-dollar stadium for the Jets, bid rigging in the construction industry, payoffs at the tax assessor's office, and a Sutton Place co-op that turned public land into a private park. He has worked for the New York Observer, the Daily Record of Morristown, New Jersey, the Tampa Tribune and the Brooklyn Phoenix. He lives with his wife in New Jersey. They have two daughters.
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