Tishman Speyer Properties LP and BlackRock Inc.'s realty arm have only about six months' worth of reserves to help pay the $4.5 billion mortgage on Manhattan's largest apartment complex, Fitch Inc. said.

The companies, which bought the 80-acre, 11,200-unit Stuyvesant Town-Peter Cooper Village for $5.3 billion in 2006, are using the reserves because rental income is insufficient to service the debt, Fitch said last week. The general reserve balance has been exhausted and only $128 million of the original $400 million of the debt service reserve remains, the rating agency said.

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