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Peter Cooper Village’

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.

Florida's $250 million investment in Peter Cooper Village in New York City has turned into a total loss, officials said today.

Florida lost $250 million on a 2007 investment in a Manhattan apartment building, the head of the State Board of Administration told the panel overseeing the board this morning.

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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