Stuy Town auction to meet yet another delay

New York /
Oct.October 21, 2010 08:30 AM

Stuyvesant Town and Peter Cooper Village

The Stuyvesant Town and Peter Cooper Village foreclosure auction, — already rescheduled, and then rescheduled again, for tomorrow — could be postponed for a third time, according to the Post. A source in on the buyout negotiations between special servicer CWCapital, which represents the senior mortgage holders on the 80-acre complex, and Bill Ackman’s Pershing Square Capital Management, which is leading the junior lenders, told the paper that the talks are going so slowly that CW is unlikely to meet its own deadline. Last week, when the auction was delayed for the second time, an attorney for CW told The Real Deal that the company just “wanted a few more days” but was still “committed to the detailed planning required to assure the most favorable resolution and smooth transition of this highly complex property.” It’s unclear how long the possible third delay might last. [Post]

 

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