The creditors controlling Stuyvesant Town-Peter Cooper Village, a massive Manhattan housing complex home to about 25,000 people, said yesterday they plan to foreclose on loans at the complex, a move many expect to be the first step in the sale of the property. The partially rent-regulated complex, built in 1947 for returning veterans and their families, has 11,200 apartments and could fetch more than $4 billion. CWCapital took over the property in 2010 when its owners ran out of money after buying it in a controversial and record-breaking deal in '06. The creditors are moving to wipe out $1.4 billion in mezzanine debt, which is junior to the senior mortgage. Nearly half the units in the complex have been renovated by CWCapital, with rents bumped to market rate or near it. Tenants at the complex are among those planning to bid on the property, and would possibly convert some apartments into condos to pay off bondholders. The de Blasio administration said it had already started “active discussions” with lenders and tenants. Council Member Dan Garodnick, who lives in and represents the complex, will play a key role in the proceedings as well.
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With Legislative Vacancies, State Pays for Empty District Offices (Capital)
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State Attorney General to Issue New Airbnb Subpoena (AP)
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Minority-Owned Businesses Flourish (Crain's)
