The planned foreclosure sale at Stuyvesant Town and Peter Cooper Village—the apartment complexes has been postponed again—for the second time this month. According to the lenders, the auction for the financially distressed apartment complexes, which was scheduled for Wednesday, October 4, has been delayed until October 22, 2010.
Stuyvesant Town and Peter Cooper Village are apartment complexes that are standing on 80 acres overlooking the East River. The property consist of 11, 227 apartment units or residential properties.
It was said that CW Capital is going to be the new owner as there are no other bidders who would pay the $3.7 billion mortgage for the apartment complexes.
A lawyer for CW Capital Gregory Cross, the corporation who is handling the sale on behalf of the owners for the $3 billion mortgage said that they are continuing to move ahead for the transaction to closes. The transaction just takes longer time that what they expect.
The delay on preparing the apartment complexes is said to be because of the magnitude on the property. It was also reported that CW Capital was still negotiating a settlement with other group of rival investors.
Tenants living in the apartment complexes are eager to see the legal issues resolved so they can engage with a talk with the new management.
CW Capital is an integrated commercial real estate finance and investment management company, which specializes on primary servicing, multifamily and healthcare lending, investment management, research and consulting services, and special servicing.
According to a statement form city councilman Danile Garodnick, a long-time tenant of the apartment complexes, the “prolonged legal wrangling” does not serve the best interests of the tenant body or the city.