Auction of Stuy-Town, Peter Cooper Village Postponed

No word on why the auction was postponed; the earliest it would take place is October 13th

By Jonathan Eiseman
|  Monday, Oct 4, 2010  |  Updated 11:09 AM EDT
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Auction of Stuy-Town, Peter Cooper Village Postponed

AFP/Getty Images

New York, UNITED STATES: Traffic and pedestrians pass the Stuyvesant Town apartments 18 October 2006 in New York. Jerry I. Speyer, the chief executive of Tishman Speyer Properties, and his partner, the BlackRock investment bank, who controls some of the city?s most prominent landmarks from Rockefeller Center to the Chrysler Building, signed the largest US real estate deal ever 17 October 2006, agreeing to pay 5.4 billion USD for Stuyvesant Town and Peter Cooper Village, a vast corridor of 110 apartment buildings along the East River. The apartment complex was built after World War II. The first tenants two war veterans and their families moved in in August 1947. AFP PHOTO/DON EMMERT (Photo credit should read DON EMMERT/AFP/Getty Images)

Looks like the tenants of Stuyvesant Town and Peter Cooper Village will be stuck in limbo for a little bit longer.

CWCapital, the mortgage group that took over the property in January after owners Tishman Speyer defaulted on their massive loans, has postponed the auction of the property that was planned for today.

There was no word on why the auction was postponed, and the tenants’ association press conference scheduled for 1: 30 today will still occur.

Dan Pasquini, a spokesman for the tenants’ association, said that at the press conference they will try to pressure CWCapital, the Special Service Lender,  into working with them.

“At the end of the day, what we want is affordability, stability, and for the day-to-day operations to run smoothly for the long-term,” he said.

He also said that it doesn’t matter to the association who takes over the property, “as long as they deliver on their goals.”

Four years ago, the $5.4 Billion sale of Stuyvesant Town and Peter Cooper Village was being called one of the most expensive real estate deal in U.S. history. The property is now valued at just under $2 billion dollars after the collapse of the housing market in 2008 and ongoing troubles for Tishman.

It was expected that CWCapital, as the senior lender, would take over the building and attempt to recoup over $3.6 billion in debt.

The earliest that the auction would take place is October 13th, the tenants' group said.
 

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