Stuy Town deed transfer values complex at $4.4B

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

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
Rob Speyer on the long arc of megadevelopment, New York’s renaissance and proptech bets
Rob Speyer on the long arc of megadevelopment, New York’s renaissance and proptech bets
Rob Speyer on the long arc of megadevelopment, New York’s renaissance and proptech bets
Irvine Company chairman Donald Bren, Tishman Speyer CEO Rob Speyer, and 200 Park Avenue (Getty Images, Irvine Company, iStock)
Capital Grille signs with Tishman Speyer, Irvine at MetLife Building
Capital Grille signs with Tishman Speyer, Irvine at MetLife Building
Burberry's Jonathan Akeroyd with 11 West 42nd Street (Getty, Google Maps, iStock)
Burberry sews up deal at Tishman Speyer building
Burberry sews up deal at Tishman Speyer building
Tishman Speyer's Rob Speyer with 66 Hudson Boulevard (Tishman Speyer, Loopnet)
NewYork-Presbyterian takes 75K sf at Tishman Speyer’s Spiral
NewYork-Presbyterian takes 75K sf at Tishman Speyer’s Spiral
Breakthrough Properties' Dan Belldegrun, Tishman's Rob Speyer and Bellco Capital's Rebecka Belldegrun (Breakthrough Properties, Tishman, Bellco Capital)
Tishman Speyer, Bellco raise $3B for life sciences fund
Tishman Speyer, Bellco raise $3B for life sciences fund
Tishman Speyer CEO Rob Speyer and an aerial view of Hazelwood Green (Getty, E3 Aerial)
Tishman Speyer to lead transformation of 178-acre Hazelwood Green in Pittsburgh
Tishman Speyer to lead transformation of 178-acre Hazelwood Green in Pittsburgh
Noel Quinn, chief executive, HSBC Group; renderings of 66 Hudson Blvd (HSBC, Tishman Speyer)
HSBC eyeing move to Tishman Speyer’s Spiral
HSBC eyeing move to 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...