Foreclosure sale could split Stuy Town, Peter Cooper Village

April 23, 2010 02:32PM

Stuyvesant Town and Peter Cooper Village might be split in two in a foreclosure sale if the price is right, according to senior creditors for the East Side mega-complex. In a court filing yesterday, Bank of America and special servicer CW Capital Asset Management asked for approval to put the property up for auction in either one or two pieces, Bloomberg reported. Tishman Speyer and BlackRock have been trying to turn over the complex to creditors since defaulting on a $3 billion mortgage in January. Proceeds from the foreclosure sale will go toward covering the senior mortgage — on which debt has reached $3.66 billion, the filing says — as well as the litigation costs and late charges. [Bloomberg]


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