Deals
StuyTown Lenders Plan Foreclosure as Ackman Halted
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Senior debt holders of Stuyvesant Town-Peter Cooper Village, Manhattan’s biggest rental complex, plan to proceed with an Oct. 4 foreclosure sale after a judge blocked a rival group’s move to take control of the apartments.
State Supreme Court Justice Richard Lowe in Manhattan issued a preliminary injunction stopping a foreclosure by Bill Ackman’s Pershing Square Capital Management LP and Winthrop Realty Trust, which bought $300 million of mezzanine debt on the property. The joint venture, PSW NYC LLC, may only proceed if it first pays senior creditors the $3.67 billion that they are owed under the first mortgage, according to Lowe’s order yesterday.