Stuyvesant Town and Peter Cooper Village

Rose Associates is taking over from Tishman Speyer as property manager at Stuyvesant Town and Peter Cooper Village prior to CWCapital Asset Management’s thrice-postponed foreclosure auction, the special servicer announced today. Rose, which has been consulting on the ownership transition for the 80-acre complex since February, was expected to begin its property management duties after the auction, at which CWCapital will presumably emerge as the new owner. Originally scheduled for Oct. 4, the auction was delayed today for the third time because CW, acting on behalf of the complex’s senior creditors, is reportedly in ongoing negotiations for a buyout of a group of junior debt holders led by Bill Ackman’s Pershing Square Capital Management. Rose had been the previous property manager at Stuyvesant Town before Tishman Speyer took over in 2006. TRD

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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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Stuyvesant Town

[Updated: 4:21 p.m.] The foreclosure auction for Stuyvesant Town and Peter Cooper Village, which was originally scheduled for last week but was postponed at the 11th hour until tomorrow, has been delayed once a [more]

752 West End Avenue (source: PropertyShark)

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Adam Rose of Rose Associates and the Riverton Houses

Rose Associates is taking over leasing this week at Aire, the new 310-unit luxury rental building on the Upper West Side. The project is the latest in a string of new consulting and management roles for the 82-year-old family firm, which Crain’s reported is doing better than most during the downturn. “We don’t have a single bad loan, no workouts and no distractions,” said co-president Adam Rose. Rose’s property management arm grew by 24,000 units, or 30 percent, during last year alone. The company was recently brought in to manage Harlem’s 1,230-unit Riverton Houses and to consult on the transfer of Stuyvesant Town and Peter Cooper Village by special servicer CWCapital Asset Management. [more]

The Riverton Houses and Larry Gluck

The new owners of the rent-stabilized Riverton Houses in Harlem that sold at auction yesterday will have to pay a hefty transfer tax of just under $4 million after they take title to the property in the next couple of days, real estate experts said. Financial firm CWCapital Asset Management, the special servicer for the loan on the 1,228-unit complex between 135th and 138th streets and Fifth Avenue and Harlem River Drive, won the property at an auction yesterday with a bid of $125 million. Since it was representing the commercial mortgage trust that held the Riverton loan, it effectively put the foreclosed property back into the hands of the lender. Tom Fink, senior vice president of Trepp, which tracks mortgage-based securities, estimated the tax liability to be $3.8 million. [more]

Richard Lefrak’s organization is a possible contender for Stuy Town

Tishman Speyer Properties and BlackRock Realty were pilloried for aggressively pushing out tenants and running afoul of the city’s J-51 tax abatement rules. But some of the firms that are being mentioned as possible replacements as owners or managers at Stuyvesant Town and Peter Cooper Village — such as developers LeFrak Organization and Rose Associates, and real estate firm Stonehenge Partners — come with their own skeletons in the closet. The New York City real estate world is bracing for a struggle among titans for management or ownership of the 11,200-unit housing complex on Manhattan’s East Side following the announcement  last month that the owners would cede control. Potential parties must negotiate with special servicer CWCapital Asset Management, the majority of which is owned by Canadian institutional fund Caisse de dépôt et placement du Québec. The special servicer represents the interests of the bondholders of the securitized loans on Stuyvesant Town. Other firms being bandied about as possible investors or investors are WL Ross & Co., Centerbridge Partners, Related Companies, WinnCompanies and Prudential Douglas Elliman, according to media reports. The thorny city tax abatement program known as J-51 that contributed to the forfeiture of Stuy Town and Peter Cooper Village has dogged one of the leading contenders for the site, LeFrak. [more]

After the mortgage payment on the $53 million loan on the 12-story
office building 625 Broadway in Soho was late, the securitized note was
transferred to a special servicer, according to data from commercial
mortgage research firm Trepp. The loan on the 84,000-square-foot office building was transferred to
a special servicer March 18,
Trepp information says. The building is owned by members of the Moskowitz family, who are
principals of the Flatiron District-based property management company
Argo Corporation, and held in the name 625 Broadway Owners, according
to city records and published reports. [more]

Full-service commercial real estate firm Jones Lang LaSalle was tapped
to take over the management and leasing of the former Macklowe
Properties Midtown building 1330 Avenue of the Americas, Jones Lang
LaSalle told The Real Deal. Macklowe had been the owner and manager of the 40-story property before
losing it in a mezzanine foreclosure auction April 22 to the senior
mezzanine lender, Otera Capital, a division of a Canadian pension fund. Macklowe bought the property, which spans the block between 53rd and 54th
streets, in 2006 for $498 million. Otera picked it up for $240.1
million, through the assumption of a $240 million first mortgage and a
$100,000 bid for the mezzanine note. Jones Lang was picked by CWCapital Asset Management, on behalf of
Otera, to lease and manage the 525,000-square-foot building which has
140,000 square feet available for lease, the management company said in
a statement. [more]