Ross: No plans to abandon Stuy Town bid

TRD New York /
Aug.August 12, 2010 10:00 AM

From left: Wilbur Ross, Stuy Town and Peter Cooper Village, Bill Ackman

Wilbur Ross, the billionaire investor who has long been interested in a takeover of the foreclosed Stuyvesant Town and Peter Cooper Village, said he has no plans to back out even after hedge funder Bill Ackman’s recent move to wrest control of the 11,227-unit complex. “My interest has not changed, nor has the interest of my partners,” he said in an e-mail to the Post. His partners are the LeFrak Orgniazation and Centerbridge Partners, and the trio had planned since January, when developer Tishman Speyer defaulted on its $3 billion mortgage on the property, to wait until the time was right to swoop in. On Monday, though, Ackman and Winthrop Realty Trust announced that they had purchased a piece of the $1.4 billion second mortgage that would allow them to foreclosure on Stuy Town’s current operator and become the de-facto owners. Ackman said he wants to convert the complex to co-ops through a bankruptcy plan, but Ross expressed doubt over whether such a plan would benefit tenants and lenders. He said that Ackman would need to raise $3 billion from tenant purchasers in order to satisfy lenders during a co-op conversion, but “it is not at all clear that tenants would find a total price in excess of $3 billion attractive. [Post]

 

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
Airbnb's Brian Chesky and Bill Ackman (Getty)

Bill Ackman on Airbnb: “I wouldn’t use the word rebuff”

Bill Ackman on Airbnb: “I wouldn’t use the word rebuff”
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
Keith Meister and Bill Ackman (Credit: Meister by Patrick McMullan/Patrick McMullan via Getty Images, Ackman by Sylvain Gaboury/Patrick McMullan via Getty Images, iStock)

Activist investors dive in as real estate stocks tank

Activist investors dive in as real estate stocks tank
Richard LeFrak with Gateway Plaza at Battery Park City (Credit: LeFrak by John Lamparski/WireImage; Olnick Organization)

Judge OKs $42M settlement by LeFrak, Battery Park City tenants

Judge OKs $42M settlement by LeFrak, Battery Park City tenants
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...