State lost $250 million on NYC real estate deal
Tuesday, September 1st, 2009 by Dara Kam
Florida's $250 million investment in Peter Cooper Village in New York City has turned into a total loss, officials said today.
Peter Cooper Village in NYC is part of the state’s $99.6 billion portfolio that makes up the state’s pension plan.
The state invested $250 million in the apartment complex, where monthly rents range from $2,625 to $8,333, according to the development’s website.
Less than two years later, the value of the investment is zero, Williams told Gov. Charlie Crist, CFO Alex Sink and AG Bill McCollum, who oversee the SBA.
“We think we’re carrying that investment as a zero on our books,” Williams said.
This morning is the first of the quarterly meetings on the state’s investments requested by Sink that the SBA will give to the panel. (more…)
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Sentenced to die for crimes judged heinous and cruel, inmates await execution in a 9 feet by 6 feet cell.
