A few of the court documents in the legal battle that’s erupted over the ownership of Stuyvesant Town have popped up online, and, while a lot of the records are sealed from view (at least on the Web site), there’s a couple interesting tidbits.
First a bit of background:
— Early last week, activist investor Read More
The holders of the first mortgage at Stuyvesant Town do not appear to be impressed by Bill Ackman and Winthrop Realty Trust’s play to take control of the 11,200-apartment mini-city.
The special servicer on the loan, CW Capital, has taken court action against Winthrop and Mr. Ackman, the activist investor and hedge fund manager, Read More
In mid-July, Bill Ackman was relaxing on Nantucket when he got a call on his cell phone. On the other end was Michael Ashner, the CEO of Boston-based Winthrop Realty Trust, who had a plan to grab control of the 11,200-apartment property that occupies a healthy 80-acre chunk of Manhattan’s East Side.
In the wake of its vaporized $500 million equity investment in Stuyvesant Town, the giant California pension California Public Employees’ Retirement System, as of Monday, approved a new policy: No more investing in real estate deals that convert rent-regulated apartments to market rate.
Here’s more from Bloomberg:
The California Public Employees’ Retirement System, the Read More