Ever since MetLife put Stuyvesant Town and Peter Cooper Village on the block five years ago, residents of the storied middle class enclave have been trying to buy it. They were beat out by Tishman Speyer, who eventually defaulted on their $5.4 billion purchase (the largest in real estate history). After their failure, Wily Bill Ackman swooped in and tried to arrange a deal, but that failed. The tenants also made a second, unsuccessful go of things. Now, that champion of the 1 percent and a lender on the original deal, Brookfield Properties is making a bid to help keep the long-time tenants in place. Read More
Residents of Stuy Town have suffered out-of-control rents, over-grown lawns and now the slickest issue yet, a new ice rink. Stuy Townies are chillier on the idea than a divorced couple, according to DNAinfo. The rink is replacing a favorite playscape, so neighbors can barely get their knives out fast enough. Read More
It seems the rule at Stuyvesant Town/Peter Cooper Village is that nobody wins, at least not for long.
Ever since Tishman Speyer bought the complex four years ago for the phenomenal price of $5.4 billion, there has been one fight after another: from the deregulation of apartments to the over-planting of the lawns, Read More
Yesterday, the senior lenders of Stuyvesant Town and Peter Cooper Village, the massive East Side rental complex, reached a deal with Bill Ackman and his investors to buy his mezzanine debt, thereby avoiding a whole tangle of legal and tax issues for whatever the debt holders now have planned for the complex–likely some sort Read More
The Stuy Town mystery continues!
CW Capital just released a statement saying it had reached a settlement with Pershing Square and Winthrop Realty to buy the firms’ mezzanine debt from the massive housing complex. While the rogue investors, led by Pershing’s Bill Ackman, were unable to foreclose on the property themselves and seize control, Read More
Last week, the Observer was prepared to count Bill Ackman out at Stuyvesant Town. The brash investor had lost an appeals court decision that meant he could not seize control of the massive East Side housing complex and force it into foreclosure, wiping out his and Winthrop Realty’s $45 million investment. CW Capital, which Read More
No sooner did Bill Ackman storm Stuyvesant Town than he has been swept away, like a tree in a Brooklyn tornado.
Yesterday, the appellate division of the State Supreme Court ruled that Ackman’s Stuy Town gamble–buy up $45 million worth of mezzanine dept and then try and foreclose on the property ahead of the senior Read More
Two investors vying to purchase Stuyvesant Town have released a proposal that’s sure to give the powerful tenants’ association pause.
Bill Ackman and partner ”have proposed a partnership with the 25,000 tenants there that would create an affordable housing co-op and allow the investors to reap a profit,” reports The New York Times.
The tenants’ Read More
The slowly dissipating fallout from the monster Stuyvesant Town rent regulations court ruling of 2009 has hit Larry Gluck and his Independence Plaza in Tribeca.