Stuytown Sale Postponed For A Week

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.

  • michael

    This complex is located in a prime area of Manhattan and should be market rate, not an area where “poor” people should expect to live cheap with subsidized rents. There are many of us “more fortunate” who get the privilege of paying top dollar market rates to live in the less desirable outer boroughs and commute to Manhattan. Fair is fair, Manhattan is not for everyone, if you can’t afford to pay don’t expect to play.

  • Toy

    Luxury Condo’s and a lot of homeless people are in the cards in the very near future….Sad, but with Bloomberg in office, where’s a poor person to turn?

blog comments powered by Disqus
Giving Tuesday
Charles Osgood Event

Listen Live