GIC Incurs Loss After Tishman Misses Stuyvesant Town Payment

Government of Singapore Investment Corp., manager of more than $100 billion of the city-state’s foreign reserves, reported losses from its investment in Manhattan’s largest residential enclave.

Tishman Speyer Properties LP and BlackRock Inc. said on Jan. 8 they missed a bond payment tied to their $5.4 billion purchase of the 80-acre property, which includes Stuyvesant Town and Peter Cooper Village apartments. Missing the payment puts the property on course to become the second-largest default in a commercial mortgage-backed security in the U.S.