Stuy Town deed transfer values complex at $4.4B

CWCapital pays $134M in city, state taxes to transfer title to affiliated entities

TRD New York /
Jun.June 05, 2014 02:43 PM

UPDATED, June 5, 5:30 p.m.: The bond holders represented by CWCapital Asset Management who own Stuyvesant Town and Peter Cooper Village transferred the ownership of each group of buildings from one entity to an affiliated entity, valuing the entire 11,000 apartments in 110 buildings at just over $4.4 billion.

The transfer of ownership of the complex on Manhattan’s East Side was described as a deed-in-lieu of foreclosure. That means the title was transferred from the entity that was once owned by Tishman Speyer — but now controlled by CWCapital — to another entity affiliated with CWCapital, without going through the foreclosure process in the courts.

The transfer which took place on Tuesday but was recorded in city records today valued Stuyvesant Town at $3.3 billion and Peter Cooper Village at $1.1 billion.

All told, CWCapital paid $134 million in transfer taxes. The city took the lion’s share at $116.6 million and the state collected $17.8 million, the filings showed.

CWCapital announced last month that it planned to foreclose on the mezzanine position on June 13, but the New York Times reported today that attorneys representing an unidentified company told CWCapital last week that it planned to exercise a right to buy a critical loan on the complex, and CWCapital feared that might be a step to taking control of the entire property. To protect itself, CWCapital finalized the deed-in-lieu process and took formal ownership.

Tishman Speyer led a partnership that purchased the complex near the peak of the last boom in 2006 for $5.4 billion.

Fortress Investment Group, which owns CWCapital, announced in May that it would make a $4.7 billion offer for the apartment complex.

The old and new entities both had their addresses with CWCapital, with the seller entity signed by CWCapital’s Andrew MacArthur and the buying entities signed by CWCapital’s President, David Iannarone.


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
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
From left: Rockefeller Group CEO with 1221 6th Avenue and Tishman Speyer CEO Rob Speyer with 630 Fifth Avenue (Credit: Google Maps; Rockefeller; Drew Angerer/Getty Images)

Big law firm lease falls through at Tishman Speyer’s 630 Fifth

Big law firm lease falls through at Tishman Speyer’s 630 Fifth
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
The Wheeler at 181 Livingston Street with Tishman Speyer's Rob Speyer (Credit: The Wheeler, Getty Images)

For-profit Whittle School inks lease for Tishman Speyer’s The Wheeler

For-profit Whittle School inks lease for Tishman Speyer’s The Wheeler
The Spiral and Debevoise presiding partner Michael W. Blair (Credit: Tishman Speyer)

Debevoise signs big lease at Tishman Speyer’s Spiral

Debevoise signs big lease at Tishman Speyer’s Spiral
arrow_forward_ios

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

Loading...