Judge allows Stuy Town foreclosure

A federal judge has allowed foreclosure proceedings to begin at Stuyvesant Town and Peter Cooper Village, the 11,200-apartment complex that was turned over to creditors in January, following owners Tishman Speyer and BlackRock Realty’s failure to pay a $16.1 million debt payment on the property, which they purchased for $5.4 billion in 2006. The ruling comes four months after the foreclosure process was set in motion, according to the New York Observer, with special servicer CWCapital overseeing the effort. The $3 billion foreclosure comes after months of controversy at the massive East Side complex and, consequently, CWCapital is unlikely to drag its feet, according to Harold Shultz, a senior fellow with the Citizens Housing and Planning Council. “They’re moving very quickly on this,” Shultz said of the loan servicer. [NYO]