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…)