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Stuytown To Be Sold Monday

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The apartment buildings of Stuyvesant Town and Peter Cooper Village - New York, NY - Oct 19, 2006 - Photo: Mario Tama/Getty Images

The apartment buildings of Stuyvesant Town and Peter Cooper Village – New York, NY – Oct 19, 2006 – Photo: Mario Tama/Getty Images

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.

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