A politician says developers will miss a multimillion-dollar loan payment on the biggest real estate deal in U.S. history.

New York City Councilman Dan Garodnick lives in one of the massive Manhattan complexes called Stuyvesant Town and Peter Cooper Village.

He says Tishman Speyer President Rob Speyer told him Thursday that the company and its partners wouldn't make all of a $16 million mortgage payment due Friday.

Investors led by Tishman Speyer and BlackRock Realty Advisors paid $5.4 billion for the development in 2006.

Real estate analysts have been expecting the group to default on the loan for several months.

A spokesman for Tishman Speyer declined to comment.