A VAST prime Manhattan property that has caused losses to investor, the Government of Singapore Investment Corporation (GIC), is having its ownership transferred to creditors - possibly including GIC.

The Stuyvesant Town and Peter Cooper Village apartment complexes will be given up by troubled owners Tishman Speyer Properties and BlackRock Realty after loan restructuring talks failed.

'We make this decision as we feel a battle over the property or a contested bankruptcy proceeding is not in the long-term interest of the property, its residents, our partnership or the city,' spokesman Bud Perrone said in an e-mailed statement yesterday, the Associated Press reported.

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