Taxes blocking Stuy Town transfer

New York /
Feb.February 11, 2010 12:30 PM

While Stuyvesant Town and Peter Cooper Village owners Tishman Speyer and BlackRock Realty said they’d transfer control of the residential complex to creditors two weeks ago, that promise hasn’t come to fruition, due in part to $90 million in unpaid state and city taxes, according to Bloomberg News. Rafael Cestero, commissioner of New York City’s agency on Housing Preservation and Development, said that either Tishman and BlackRock or special servicer CWCapital has to pay the taxes — but, so far, neither is jumping at the chance. State law mandates that the owner of the distressed property has to submit unpaid taxes upon transfer to a special servicer, otherwise the servicer is stuck with the bill. “The reality is [Tishman and BlackRock] can’t just turn back the keys.” Cestero said. “CW doesn’t want to pay the [back taxes] so they’re going to have to negotiate this.”


Related Articles

arrow_forward_ios
Blackstone CEO Steven Schwartzman and Stuyvesant Town (Credit: Getty Images)
After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
421-427 East 14th Street (Google Maps, iStock)
Stuy Town to get new 17K sf grocery store
Stuy Town to get new 17K sf grocery store
Housing Expert Shaun Donovan on his Bid for NYC Mayor
Shaun Donovan can do housing. Can he do politics?
Shaun Donovan can do housing. Can he do politics?
Stuyvesant Town (Getty)
Layoffs at Blackstone’s Stuy Town management firm
Layoffs at Blackstone’s Stuy Town management firm
From left: Tishman Speyer CEO Rob Speyer, Fiorello LaGuardia and Robert Moses. Inset: Hiten Samtani and Charles Bagli (Getty Images, Wikipedia Commons)
Tuna fish sandwiches and billion-dollar deals: Charles Bagli on other people’s money and the next life of New York
Tuna fish sandwiches and billion-dollar deals: Charles Bagli on other people’s money and the next life of New York
New York City Council Speaker Corey Johnson and Mayor Bill de Blasio (Getty)
City’s housing plan suffers major blow in “painful” budget
City’s housing plan suffers major blow in “painful” budget
Blackstone's Jonathan Gray and an aerial of Stuyvesant Town (Credit: (Photo by Drew Angerer/Getty Images; iStock)
Stuy Town tenants sue Blackstone to stop rent hikes
Stuy Town tenants sue Blackstone to stop rent hikes
Linda Rosenthal and Stuyvesant Town-Peter Cooper Village  (Credit: Brett Carlsen/Getty Images; Orjan F. Ellingvag/Corbis via Getty Images)
Pol seeks to punish landlords with “warehousing fee” for vacancies
Pol seeks to punish landlords with “warehousing fee” for vacancies
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...