Developer Guterman plans Stuy Town bid

Gerald Guterman, whose Condo Recovery firm bought more than 12,000 New York-area rental apartments and turned them into condos and co-ops in the 1970s and 1980s, is preparing a bid for a co-op conversion of Stuyvesant Town and Peter Cooper Village, Bloomberg News reported. Stuy Town has been embroiled in a dispute between creditors after owner Tishman Speyer Properties defaulted on a $3 billion mortgage in January. Guterman said he met with agents of the more than 25,000 tenants who live there and he has discussed the proposal with CW Capital Asset Management, the representative for the senior debt holders. Condo Recovery’s plan is dependent on CW Capital winning a lawsuit against junior lenders who are trying to seize control of the 80-acre complex. Bill Ackman’s Pershing Square Capital Management and Winthrop Realty Trust want to lead their own co-op conversion after buying $300 million of junior debt. [Bloomberg]