Ackman Group’s $45 Million at Stake as Stuyvesant Auction Nears
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Pershing Square Capital Management LP and Winthrop Realty Trust’s $45 million investment in Manhattan’s Stuyvesant Town-Peter Cooper Village is in jeopardy after the companies failed to stop a planned foreclosure sale.
A New York state appeals court rejected a request by Pershing, led by investor Bill Ackman, and Winthrop for a stay of the Oct. 4 foreclosure by senior debt holders, according to one-page order issued yesterday. The companies had sought to stop the auction after a lower-court judge blocked their own attempt to take control of the 80-acre apartment complex.