Stuy Town auction postponed

City Council member Daniel Garodnick still believes that "there's an outcome that will be favorable to the tenants in whatever legal process unfolds"

TRD New York /
Oct.October 04, 2010 07:42 PM
Stuyvesant Town

[Originally posted: 11:25 a.m.] The highly anticipated foreclosure auction for Stuyvesant Town and Peter Cooper Village, which, after a closely watched legal battle between its creditors, was originally scheduled for today, has been delayed until Oct. 13, CWCapital said. The special servicer, which is handling the sale for the complex’s senior lenders, would not comment on the reason for the postponement, but said in a statement that “this brief delay will not impact the transition of property management or the stability of the property.”

Last week, a panel of New York State appeals court judges denied a request by junior creditors Pershing Square Capital Management and Winthrop Realty Trust to block today’s foreclosure sale. Pershing head William Ackman had announced plans to appeal, and rumors swirled amongst those familiar with the property today that the delay was a result of a possible buyout deal of the partnership’s $45 million investment. Ackman was not immediately available for comment.

Rose Associates, which is slated to take over the property management role from Tishman Speyer once the property transfer is completed, declined to comment on the latest developments at the complex. Tishman, whose representatives were not immediately available for comment, will continue as property manager until that time, CWCapital said.

Meanwhile, the tenants association forged ahead this afternoon with a previously planned rally, intended to “urge the owners, whoever they may ultimately be, to work with the tenants association,” according to a spokesperson for Rep. Carolyn Maloney, who, despite the weather, attended the event alongside several other local politicians and more than 100 tenants.

“Today’s postponement of CW’s foreclosure sale was a distracting move that destabilizes what was on track to be an orderly process,” City Council member Daniel Garodnick said in a statement earlier today.

Following the rally, he told The Real Deal that while he woke up this morning expecting a foreclosure sale, he still believes that “there’s an outcome that will be favorable to the tenants in whatever legal process unfolds.”

“We’re talking about a conversion. Not necessarily to a co-op, but an affordable conversion that gives tenants the opportunity to buy their units if they wish, or remain as renters,” Garodnick said. “And we want to make sure that the maintenance of the property is protected during these rollercoaster-like times.”


Related Articles

arrow_forward_ios
(Getty, iStock)

Hudson’s Bay, Simon Property Group hit with $846M foreclosure lawsuit

Hudson’s Bay, Simon Property Group hit with $846M foreclosure lawsuit
Citizens Bank CEO Bruce Van Saun and SL Green CEO Marc Holliday with 106 Spring Street (Getty; Sl Green; Google Maps)

One of Soho’s priciest retail spaces heads to foreclosure

One of Soho’s priciest retail spaces heads to foreclosure
Senator Mitch McConnell and House Speaker Nancy Pelosi (Getty)

$2.2T House stimulus package would ban evictions for 12 months

$2.2T House stimulus package would ban evictions for 12 months
Governor Andrew Cuomo (Getty; iStock)

Commercial evictions, foreclosures halted through October

Commercial evictions, foreclosures halted through October
Tillary Hotel at 85 Flatbush Avenue (Image via Kutnicki Bernstein Architects)

Isaac Hager’s Downtown Brooklyn hotel heads to foreclosure

Isaac Hager’s Downtown Brooklyn hotel heads to foreclosure
A million homeowners haven’t requested forbearance on their mortgages — and are now at risk for foreclosure and eviction. (iStock)

1M struggling homeowners didn’t request forbearance. Now what?

1M struggling homeowners didn’t request forbearance. Now what?
U.S. foreclosure filings in August jumped 11% as some states ended relief measures, though continued government intervention has prevented sharper increase (iStock)

US foreclosure filings jump as some states end relief measures

US foreclosure filings jump as some states end relief measures
FHFA director Mark Calabria (Getty; iStock)

Fannie and Freddie extend eviction, foreclosure moratorium

Fannie and Freddie extend eviction, foreclosure moratorium
arrow_forward_ios

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

Loading...