THE New York apartment complex that proved an ill-fated investment for the Government of Singapore Investment Corporation (GIC) may face foreclosure after its owners defaulted on a debt payment last Friday.

Some of the debt holders are now demanding payment within 10 days from the owners of Stuyvesant Town and Peter Cooper Village in Manhattan - the first step towards foreclosure, according to a Bloomberg report yesterday.

GIC reportedly holds US$575 million (S$798 million) in mezzanine debt backed by the property and a further US$100 million in equity.

For more The Straits Times stories, click here.