A Tishman spokesman said the partners are confident in their investment. "We fully anticipate our partnership will fund more capital into the project, as necessary," he said.
Calpers hasn't disclosed the current valuation of its stake in the 80-acre park-like complex by the East River. At the time when the investment was made, Calpers projected an internal rate of return, after fees, of 13.5%, according to a Calpers document. A Calpers spokesman declined to comment.
The potential loss on the New York City apartment project would deal another blow to Calpers. Already, the $223.9 billion fund has said it could lose much of its $970 million investment in a California land deal that has fallen victim to the housing bust. LandSource Communities Development LLC, a partnership that involves Calpers and owns 15,000 acres of land outside of Los Angeles, filed for bankruptcy-court protection in June.
New York City 2010
