NEW YORK (CBS 2) — Manhattan’s largest residential complex was going on the auction block Monday. However, the creditors who held  $3 billion mortgage on Stuyvesant Town and Peter Cooper Village were likely to become the new owners.

That’s because the complex, which sold for $5.6 billion near the top of the real estate boom in 2006, was believed to be worth less than $2 billion in 2010.

Several lawsuits that have been filed in connection with the complex were reportedly not expected to hold up the sale.