Two investors vying to purchase Stuyvesant Town have released a proposal that's sure to give the powerful tenants' association pause.
Bill Ackman and partner "have proposed a partnership with the 25,000 tenants there that would create an affordable housing co-op and allow the investors to reap a profit," reports The New York Times.
The tenants' association wouldn't have Read More
Looks like things have gotten so bad in the fight between Stuyvesant Town creditors CW Capital and Pershing Square/Winthrop Realty Trust (PSW), that they're now fighting over punctuation.
From the latest brief in the ongoing fight, filed yesterday by CW Capital:
Without any explanation, PSW injects the doctrine of last antecedent to convince this Court that Read More
The holders of the first mortgage at Stuyvesant Town do not appear to be impressed by Bill Ackman and Winthrop Realty Trust's play to take control of the 11,200-apartment mini-city.
The special servicer on the loan, CW Capital, has taken court action against Winthrop and Mr. Ackman, the activist investor and hedge fund manager, who Read More
In mid-July, Bill Ackman was relaxing on Nantucket when he got a call on his cell phone. On the other end was Michael Ashner, the CEO of Boston-based Winthrop Realty Trust, who had a plan to grab control of the 11,200-apartment property that occupies a healthy 80-acre chunk of Manhattan's East Side.
"They Read More
Four months after they started the process, the mortgage holders at Stuyvesant Town have received a judgement that permits foreclosure on the 11,200-apartment property.
The judge overseeing the $3 billion foreclosure in federal district court, Alvin Hellerstein, granted the motion to foreclose yesterday.
From Mr. Hellerstein's ruling:
In their unopposed motion for summary judgment, Plaintiffs have established the existence of Read More
Al Doyle wants to be a homeowner.
Six months ago, the idea was a far-off concept. But since then, the mustachioed, lifelong Stuyvesant Town resident who is president of the property's tenants association has seen the desire for a tenant-led purchase of the 11,200-apartment morph into an actual plan of action, as the Read More
In 2006, just as the real estate market was nearing its sharp crest, California came marching into New York City.
In deal after deal, the Golden State's two main pension funds—the California Public Employees' Retirement System and the California State Teachers' Retirement System, which collectively manage a mammoth $330 billion on behalf of teachers and civil Read More
It was something to be avoided. As America’s biggest foreclosure waiting to happen, Stuyvesant Town and Peter Cooper Village was viewed by the financial world as a $6.3 billion bet gone bad.
David Tepper saw an opportunity.
Founder of the high-risk–high-yield hedge fund Appaloosa Management, Mr. Tepper is the king of sniffing out the undervalued among the Read More
To flip through the pages of the 2006 offering book for potential buyers of the 11,200-apartment Stuyvesant Town and Peter Cooper Village-a deal that has devolved into the largest individual property default in modern history-is to immerse oneself in an historical delusion, one that, from today's privileged vantage point, appears as likely as Iraqi Read More
The list of those pummeled by the debacle of a real estate deal at Stuyvesant Town and Peter Cooper Village is a wide-ranging one. It's vaporized entire investments made by, to name a few, two California pension funds ($600 million), a Florida pension fund ($250 million), and the Church of England ($70 million), along Read More
There's now a common bond between Stuyvesant Town-Peter Cooper Village and a sea of new homes in the Las Vegas suburbs: mortgage default.
Last week, the giant real estate firm Tishman Speyer and its investors missed the full monthly debt payment on their $3 billion mortgage, triggering default and a new era of uncertainty Read More
The real estate industry was abuzz last Thursday following the State Court of Appeals' ruling in a lawsuit relating to rent increases at Peter Cooper Village and Stuyvesant Town. Under the luxury decontrol provisions of New York City's Rent Stabilization Law, former owner MetLife and current owner Tishman Speyer have raised rents on thousands of Read More
With all the great press coverage it's been getting lately, one might think people would be rushing in hordes to snap up apartments at Stuyvesant Town.
The 11,200-apartment Stuyvesant Town and Peter Cooper Village complex has shut its doors to new renters, as the owners, a partnership led by Tishman Read More
It didn’t take long after New York’s top court issued its major Stuyvesant Town–Peter Cooper Village ruling last week for celebrations at the East Side apartment complex to begin.
Just after 9 a.m. on Oct. 21, the Court of Appeals handed the complex’s owners a defeat with tremendous implications—ruling that they never had the right to Read More
Tishman Speyer, owner of Stuyvesant Town and Peter Cooper Village, is systematically inspecting each of the more than 11,000 apartments in the complex, according to residents.
The stated purpose of the inspections is to ensure temporary walls comply with building and fire safety codes, an issue the Fire Department has previously raised with the owner. Read More
