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Stuytown Sale Postponed For A Week

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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) — The auction of Manhattan’s largest residential complex has been put off for a week.

The owner of Stuyvesant Town and Peter Cooper Village defaulted on loans totaling $5.4 billion earlier this year.

The investors who bought took over the property for $3 billion and were most likely to become the new owners.

However, a foreclosure auction that was supposed to happen Monday was delayed until next week.

Published reports said the senior loan holders were negotiating with hedge fund billionaire William Ackerman, who bought a $300 million bridge loan this summer for $45 million in an attempt to foreclose on the complex.

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