Today it appears that the Stuyvesant Town purchase by Tishman Speyer and its partners will go down as one of the biggest real estate flops ever.  The huge residential complex was purchased for $5.4 Billion in 2006, and never really made much sense.  As the New York Times is reporting, Tishman Speyer and Blackrock are planning to default on this months mortgage payment. This deal would have fallen apart even had the economy not tanked, and it would probably be best if the mortgage lenders just foreclosed on the property, wiping out Tishman and most of the debtholders who are holding what seems to be utterly worthless paper at this point.