Deals
Stuyvesant Town Settlement Clears Path to Sale of NYC Property
This article is for subscribers only.
A settlement over rental rates at Stuyvesant Town-Peter Cooper Village removes a major hurdle to a sale of Manhattan’s largest apartment complex, almost three years after the property’s previous owners ceded it to lenders.
“The importance of this evening’s announcement should not be diminished,” Harris Trifon, a credit analyst with Deutsche Bank AG in New York, wrote in a note after the law firm for the plaintiffs announced the deal late yesterday. “It has removed the last significant obstacle which needed to be cleared before a sale could take place.”