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Publisher's Summary

In just over three years, real estate giant Tishman Speyer and its partner, BlackRock, lost billions of investors' dollars on a single deal. In Other People's Money, Charles V. Bagli, the New York Times reporter who first broke the story of the sale of Stuyvesant Town - Peter Cooper Village takes listeners inside the most spectacular failure in real estate history, using this single deal as a lens to see how and why the real estate crisis happened.

How did the smartest people in real estate lose billions in one single deal? How did the Church of England, the California public employees' pension fund, and the Singapore government lose more than one billion dollars combined investing in a middle-class housing complex in New York City? How did MetLife make three billion dollars on the deal without any repercussions from a historically racist policy of housing segregation? And how did nine residents of a sleepy enclave in New York City win one of the most unlikely lawsuits in the history of real estate law?

Not only does Other People's Money answer those questions, it also explains the current recession in stark, clear detail while providing riveting first-person accounts of the titanic failure of the real estate industry to see that a recession was coming. It's the definitive book on real estate during the bubble years - and what happened when that enormous bubble exploded.

©2013 Charles V. Bagli (P)2013 Tantor

What members say

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  • Overall
    5 out of 5 stars
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    5 out of 5 stars

New York City renting at its best.

for anyone who's into New York City and its real estate market whether buying or renting this is a very detailed book with information found nowhere else. It names names times and places. It's very good!

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    4 out of 5 stars
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I liked it! <br />

Not bad actually. interesting story but the narration I found needed a little work. Still it is an interesting story.

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NEW YORK NEW YORK.

A good read. longer than I thought it would be but I learned a lot of what it was like to try and be middle class in New York.

0 of 5 people found this review helpful