NEW YORK, NY September 09, 2009 —The owners of Stuytown and Peter Cooper Village are running out of money, and are at risk of defaulting on $4.4 billion in loans. Tishman Speyer bought the apartment complex in 2006, at the height of the boom, for $5.4 billion, but its plan to convert thousands of StuyTown and Peter Cooper's rent regulated apartments into market rate ones has not materialized. City Councilman Daniel Garodnick lives at the development and opposed the purchase from the start.

GARODNICK: They overpaid for the property but tenants have been paying the price all along and this is a problem of Tishman Speyer's own making.

Financial analysts say the developer could run out of money as soon as December. Tishman has said it will likely need to restructure its loans.