NYC's Stuyvesant Town To Be Sold at Auction
NYC's behemoth apartment complex Stuyvesant Town will be sold at auction on October 4. A state appeals court ruled against hedge fund manager William Ackman on September 28, paving the way for bondholders to sell the apartment complexes Stuyvesant Town and Peter Cooper Village in a foreclosure auction. About 25,000 people live in the 11,277 apartments, which are on the East Side near the FDR Drive between 14th and 23rd Streets.
The ruling denied a request by a joint venture between Ackman's Pershing Square Capital Management and Winthrop Realty Trust to reverse a lower court ruling that barred them from elbowing past holders of $3 billion in mortgage bonds to take control of the properties.
Tishman Speyer made news when it bought the 56-building complex for $5.4 billion in 2007 and again when it defaulted on its loans. Read about the complex's long history here and about its financial woes here.