The Real Deal New York

Stuy Town deed transfer values complex at $4.4B

CWCapital pays $134M in city, state taxes to transfer title to affiliated entities

June 05, 2014 02:43PM
By Adam Pincus

Stuy-Town-Iannarone

Stuyvesant Town and Peter Cooper Village and CWCapital Asset Management’s David Iannarone

UPDATED, June 5, 5:30 p.m.: The bond holders represented by CWCapital Asset Management who own Stuyvesant Town and Peter Cooper Village transferred the ownership of each group of buildings from one entity to an affiliated entity, valuing the entire 11,000 apartments in 110 buildings at just over $4.4 billion.

The transfer of ownership of the complex on Manhattan’s East Side was described as a deed-in-lieu of foreclosure. That means the title was transferred from the entity that was once owned by Tishman Speyer — but now controlled by CWCapital — to another entity affiliated with CWCapital, without going through the foreclosure process in the courts.

The transfer which took place on Tuesday but was recorded in city records today valued Stuyvesant Town at $3.3 billion and Peter Cooper Village at $1.1 billion.

All told, CWCapital paid $134 million in transfer taxes. The city took the lion’s share at $116.6 million and the state collected $17.8 million, the filings showed.

CWCapital announced last month that it planned to foreclose on the mezzanine position on June 13, but the New York Times reported today that attorneys representing an unidentified company told CWCapital last week that it planned to exercise a right to buy a critical loan on the complex, and CWCapital feared that might be a step to taking control of the entire property. To protect itself, CWCapital finalized the deed-in-lieu process and took formal ownership.

Tishman Speyer led a partnership that purchased the complex near the peak of the last boom in 2006 for $5.4 billion.

Fortress Investment Group, which owns CWCapital, announced in May that it would make a $4.7 billion offer for the apartment complex.

The old and new entities both had their addresses with CWCapital, with the seller entity signed by CWCapital’s Andrew MacArthur and the buying entities signed by CWCapital’s President, David Iannarone.

2 Responses to “Stuy Town deed transfer values complex at $4.4B”

  1. June 05, 2014 at 3:00 pm, sickandstuyvesant said:

    shell game!

  2. July 03, 2014 at 10:02 pm, Joel Wertzberger said:

    Could have entered into bankruptcy and avoid paying transfer taxes and give the 150m to the junior lien holders. Stupid money managers. Eager to make the grab.

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