January 26, 2010

California pension fund loses big on New York real estate deal

CalPERS was among the high profile investors that went in on the 2006 deal to buy the Peter Cooper Village and Stuyvesant Town apartment complex for $5.4 billion, the costliest residential real estate deal in U.S. history. On Monday, the Manhattan complex was turned over to creditors, wiping out the pension fund's $500 million investment.

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