Trump, Related eyeing Stuy Town takeover

TRD New York /
Jan.January 29, 2010 09:34 AM

Now that Stuyvesant Town and Peter Cooper Village owners Tishman Speyer and BlackRock Realty are out of the picture, some of the city’s biggest real estate names are vying for a stake in the 110-building complex, including one Donald Trump. Tishman Speyer and BlackRock announced earlier this week that they would hand over the debt-ridden property to creditors after missing a $16.1 million mortgage payment earlier this month. Since then, “people have asked us if we would get involved in running it or buying it,” Trump told the Post. “We are looking at it right now very seriously.” Trump isn’t the only one. WinnCompanies, the Boston-based apartment manager, is looking to dip its feet into the New York City market by taking on the property manager role at Stuy Town, and earlier this week, a high-profile group including investor Wilbur Ross, real estate mogul Richard LeFrak and investment firm Centerbridge Partners said they were interested in taking ownership. Rose Associates, the Related Companies and Prudential Douglas Elliman are also reportedly interested in a management role. Whoever owns the property next could be responsible for the $200 million in rent overcharges left over from October’s rent-stabilization ruling against Tishman Speyer, said Alex Schmidt, the tenants’ attorney in that case.

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