Stuy Town auction delayed again

TRD New York /
Oct.October 12, 2010 03:36 PM

Stuyvesant Town

[Updated: 4:21 p.m.] The foreclosure auction for Stuyvesant Town and Peter Cooper Village, which was originally scheduled for last week but was postponed at the 11th hour until tomorrow, has been delayed once again, special servicer CWCapital Asset Management has announced.

“We just decided that we wanted a few more days because we needed more time,” said Gregory Cross, an attorney representing CW.

The rescheduled sale is now set for Friday, Oct. 22, CW said, stressing in a statement that it “remains committed to the detailed planning required to assure the most favorable resolution and smooth transition of this highly complex property.”

Sources suggested last week that the original delay was due to negotiations for a buyout of the $45 million investment by junior creditors Winthrop Realty Trust and William Ackman’s Pershing Square Capital Management, and some had speculated that if a deal were to happen, the planned foreclosure auction may never come to fruition. Representatives for Pershing and Winthrop were not immediately available for comment.

 

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