Tenants of Stuyvesant Town and Peter Cooper Village have received an alternative partnership offer just days after it was revealed they had partnered with Brookfield Asset Management to explore buying the properties, Crain’s reported.

A partnership between developer Gerald Guterman and Westwood Capital issued letters to tenants today, reminding them of a proposal Guterman and Westwood sent them in 2010. The duo’s plan involves converting all units in the complex to co-ops, which the tenants would then buy for close to $175 per square foot. [more]

Stuyvesand Town and City Council member Daniel Garodnick

The tenant association for Stuyvesant Town and Peter Cooper Village voted yesterday to partner with Brookfield Asset Management to explore buying the properties, the New York Times reported. The association is aiming to convert the complexes, with 11,232 apartments in total, into an affordable condominium or cooperative in a plan that could see residents choose to buy their apartments or remain as rent-regulated tenants.

The tenants are hoping that the lenders who control the property, who are represented by CW Capital, will sell it to them rather than someone who may wish to displace the properties’ long-term residents, the Times said. [more]

Stuyvesant Town

From the March issue: Tishman Speyer Properties may have suffered one of the biggest debacles of the downturn with Stuy Town and Peter Cooper Village, but the firm appears to be getting its footing back. Over the past year, the 33-year-old Manhattan-based company has gone on a spree of buying, selling, developing and leasing buildings, as well as restructuring some of its debt. Last year, the firm bought around $1.06 billion of property around the world, up from $99 million in 2009, according to the Wall Street Journal. It wasn’t just a purchaser, though: The firm sold about $1.9 billion worth of property in 2010, up from $500 million a year earlier. [more]

Stuyvesant Town

[Originally posted: 11:25 a.m.] The highly anticipated foreclosure auction for Stuyvesant Town and Peter Cooper Village, which, after a closely watched legal battle between its creditors, was originally scheduled for today, has been delayed until Oct. 13, CWCapital said. The special servicer, which is handling the sale for the complex’s senior lenders, would not comment on the reason for the postponement, but said in a statement that “this brief delay will not impact the transition of property management or the stability of the property.” Last week, a panel of New York State appeals court judges denied a request by junior creditors Pershing Square Capital Management and Winthrop Realty Trust to block today’s foreclosure sale. [more]

Stuyvesant Town

The three senior creditors for the Stuyvesant Town/Peter Cooper Village apartment complex are expected the buy the properties at a foreclosure auction on Monday, according to Crain’s. The senior lenders, represented by special servicer CWCaptial, currently hold the complex’s $3 billion mortgage. While the mezzanine lender upstart partnership between Pershing Square Capital Management and Winthrop Realty could pose a challenge, it’s considered unlikely that they will — the team would have to bid more than the senior debt’s $3 billion face value in order to acquire the complex, which is currently valued at $1.9 billion. [more]

Despite efforts made by junior debt holders Pershing Square Capital Management and Winthrop Realty Services, the senior lenders on Stuyvesant Town and Peter Cooper Village will be allowed to proceed with a planned foreclosure auction, according to Crain’s. The ruling, handed down today by a New York State Supreme Court judge, blocks the junior lenders’ attempt to wrest control of the properties from the CW Capital-represented primary bond holders. Sources say that the junior lender partnership plans to appeal the decision. The controversy over Stuyvesant Town’s future began after owner Tishman Speyer defaulted on its loan this year for the residential complex, which it purchased for $5.6 billion in 2006. [Crain's]

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Bank of America and U.S. Bancorp are in a race to block a foreclosure auction for Stuyvesant Town, according to Crain’s, putting a hitch in hedge funder William Ackman’s designs on taking over the 110-building complex. Ackman, whose firm Pershing Square Capital Management partnered with Winthrop Realty Trust last week to buy a $300 million mezzanine loan on the complex, has pitched a plan to convert the development into co-op units, selling the apartments one-by-one. After taking the mezz loan, the partners scheduled an Aug. 25 foreclosure auction, which they would angle to win. But BofA and Bancorp filed a suit in New York State Supreme Court today, arguing that Pershing and Winthrop’s plan violates the terms by which the loan on the property may be paid off. No word yet on when the court will weigh in on the suit. [Crain's]

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Stuyvesant Town and Peter Cooper Village

A state Supreme Court judge ruled that MetLife could remain liable for over $200 million in rent overcharges at Stuyvesant Town and Peter Cooper Village, which the [more]

Stuy Town is offering prizes to agents

A contest to ratchet up leases at Stuyvesant Town and Peter Cooper Village has emerged, offering more than $20,000 in prizes [more]

Stuy Town is offering prizes to agents

A contest to ratchet up leases at Stuyvesant Town and Peter Cooper Village has emerged, offering more than $20,000 in prizes [more]