The Real Deal New York

Stuy Town auction postponed for third time

October 22, 2010 11:30AM

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Bill Ackman and Stuyvesant Town

The planned foreclosure auction for the Stuyvestant Town and Peter Cooper Village complex has been postponed for a third time, according to Reuters. The delay, intended to help extend negotiations between the lenders and the borrowers, has pushed the auction date to Oct. 29. Special servicer CWCapital Asset Management is expected to take control of the property when the auction, which was previously slated for Oct. 4 and then Oct. 22, does occur. A group of junior lenders at the property, led by Bill Ackman’s Pershing Square Capital Management, has been angling for control of the housing complex throughout the foreclosure process. CWCapital is said to still be in talks with Ackman and other junior lenders. [Reuters]

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