Rose Associates, a developer and manager of both residential and commercial real estate, has been tapped to serve as property manager for Mount Sinai Medical Center’s residential real estate holdings. The properties — including more than 1,700 apartments in various buildings across the Upper East Side — are used mostly as staff housing. The 2 million-square-foot portfolio is spread across 25 different buildings. [more]
Posts Tagged ‘peter cooper village’
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It’s no wonder hedge fund bigwig Bill Ackman put up such a fight for control of Stuyvesant Town and Peter Cooper Village: he thought he could squeeze a “$2 billion potential profit opportunity” out of a co-op conversion at the massive complex, he told attendees of the Bloomberg Link Hedge Funds 2010 Conference yesterday. Ackman’s Pershing Square Capital Management and joint venture partner Winthrop Realty put $45 million into their purchase of $300 million worth of defaulted junior debt on the property earlier this year and had attempted to foreclose. [more]
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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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The Stuyvesant Town and Peter Cooper Village foreclosure auction, — already rescheduled, and then rescheduled again, for tomorrow — could be postponed for a third time, according to the Post. A source in on the buyout negotiations between special servicer CWCapital, which represents the senior mortgage holders on the 80-acre complex, and Bill Ackman’s Pershing Square Capital Management, which is leading the junior lenders, told the paper that the talks are going so slowly that CW is unlikely to meet its own deadline. Last week, when the auction was delayed for the second time, an attorney for CW told The Real Deal that the company just “wanted a few more days” but was still “committed to the detailed planning required to assure the most favorable resolution and smooth transition of this highly complex property.” It’s unclear how long the possible third delay might last. [Post]
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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]
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Junior creditors Pershing Square Capital Management and Winthrop Realty Trust lost their bid to stop the planned foreclosure sale of the Stuyvesant Town and Peter Cooper Village apartment complex, Crain’s reported. The New York State appeals court declined a request by Pershing and Winthrop to delay the Oct. 4 foreclosure planned by senior debt holders, according to court papers. William Ackman, who runs Pershing, said he will appeal. Pershing and Winthrop asked to stop the lender foreclosure last week. A lower court judge issued a preliminary injunction Sept. 16 blocking their foreclosure of the property unless they first pay senior creditors the $3.67 billion that they are owed under the first mortgage. CWCapital Asset Management, the special servicer for the senior mortgage, sued Pershing and Winthrop to stop their foreclosure plan, arguing that an agreement between the two groups of creditors prohibits Pershing and Winthrop from taking control of the property without paying the senior lenders. Pershing and Winthrop disagree and believe they have the right to foreclose on their collateral, which is separate from the lenders’ collateral. [Crain's]
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Pershing Square Capital Management and Winthrop Realty Trust filed a request today with a state appeals court in Manhattan to stop the Oct. 4 foreclosure planned by senior debt holders at the Stuyvesant Town and Peter Cooper Village residential complex, Edward Weisfelner, a lawyer for Pershing and Winthrop, told Bloomberg News. Pershing, a hedge fund run by William Ackman, and Winthrop, both junior debt holders, lost a bid last week to pursue their own foreclosure sale for the property. A lower court judge issued a preliminary injunction saying they may only proceed if they first pay senior creditors the $3.67 billion that they are owed under the first mortgage. If the court grants a stay, Pershing and Winthrop will still have to argue the merits of their appeal. Senior lenders will respond to the appeal Sept. 24 and the appeals court will decide by Sept. 29 whether to stay the planned foreclosure. Meanwhile, CW Capital Asset Management, the special servicer for the senior mortgage, is seeking to move forward with its foreclosure after Stuyvesant Town owner Tishman Speyer Properties defaulted on a $3 billion senior loan and $1.4 billion of junior debt. CW Capital’s foreclosure would wipe out the investment by junior lenders, according to the filing. [Bloomberg via Crain's]
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Bill Ackman of Pershing Square Capital Management
Pershing Square Capital Management and Winthrop Realty Services, the Stuyvesant Town and Peter Cooper Village junior debt holders whose attempt to gain control of the massive residential complex through foreclosure was stymied yesterday by a New York State Supreme Court judge, aren’t walking away without a fight. The joint venture officially announced plans last night to appeal the decision, which allowed the complex’s senior lenders to proceed with their planned foreclosure auction early next month. In a statement, the venture said it “strongly disagrees with the trial court’s ruling and will appeal the decision to the New York appellate court and will seek to stay the mortgage lender’s planned property foreclosure. If [Pershing Square and Winthrop are] unsuccessful on appeal, or if the mortgage lender is permitted to foreclosure prior to a successful appeal, the value of [the partners'] investment in the mezzanine loans may be lost.” Pershing Square has invested roughly $36 million in the loans, while Winthrop has put in around $10.5 million, the companies said. TRD
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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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Laurence Gluck, Independence Plaza NorthManhattan landlord Laurence Gluck illegally deregulated rents for tenants at Tribeca’s Independence Plaza North while simultaneously receiving J-51 tax breaks from the city, a state Supreme Court judge ruled yesterday, taking a page out of the book on Stuyvesant Town and Peter Cooper Village, where a similar ruling was handed down last year. At the 1,331-unit IPN, at 80 N. Moore Street, Gluck facilitated the complex’s exit from the state’s Mitchell-Lama rent-stabilized housing program in 2004 and subsequently jacked up the rents, according to Crain’s. The tenant-led suit argued that Gluck should not have been allowed to raise rents while still receiving tax breaks from the city. Yesterday’s ruling reverses a March state decision that said the rent increases were justified because Gluck repaid the city for the tax breaks when he discovered that they would be problematic. While Gluck is likely to appeal the decision on the five-year-old lawsuit, it represents the latest in a string of setbacks for the landlord, who lost his massive Riverton Houses complex in Harlem to foreclosure earlier this year after failing to convert its 1,230 rent-regulated apartments to market-rate rentals. [Crain's]
