Fortress Circling Stuyvesant Town Brings Sale Closer: Mortgages
This article is for subscribers only.
For four years, tenants and creditors have haggled over the fate of Stuyvesant Town-Peter Cooper Village. It could all be over next month.
CWCapital Asset Management LLC, the loan servicer that has been in charge of Manhattan’s largest apartment complex since its owners defaulted on a $3 billion mortgage in 2010, is holding a foreclosure sale on June 13 for $300 million of junior loans. While CWCapital holds that debt and is poised to officially take over the property at the auction, other bidders may come with their own plans to pay off bondholders.