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.

Watch & Listen LIVE