The single greatest real estate transaction failure came to pass overnight, with Tishman Speyer actually giving up crazy purchase Stuyvesant Town instead of filing for bankruptcy. Now, the property was entirely a lended and borrowed deal, though everyone talks "Speyer this" and "Speyer that." Of the $5.4 billion raised, Tishman Speyer only put up $112 million, and for some reason I don't understand, there was also $56 million as well from Mr. Jerry Speyer and his goodlookin' son. (Why bother? They clearly weren't good for much more.) Their pals in the real estate wing at BlackRock, the immense investment management services, scraped together $3 billion in secured debt and [...]