Stuyvesant Town & Peter Cooper may be broken up

http://www.crainsnewyork.com/article/20100423/REAL_ESTATE/100429905 CWCapital Asset Management has moved one step closer to foreclosing on the vast Stuyvesant Town/Peter Cooper Village residential complex in lower Manhattan. The special servicer, who represents the senior debt holders, filed a motion Thursday asking that the court appoint a referee to sell the 11,000-unit complex. In the motion,... [more]

http://www.crainsnewyork.com/article/20100423/REAL_ESTATE/100429905 CWCapital Asset Management has moved one step closer to foreclosing on the vast Stuyvesant Town/Peter Cooper Village residential complex in lower Manhattan. The special servicer, who represents the senior debt holders, filed a motion Thursday asking that the court appoint a referee to sell the 11,000-unit complex. In the motion, CW also requested “that the property be offered for sale as separate parcels and collectively as one parcel and that the property be sold to the bidders with the highest and best offers,” according to the court document filed with the U.S. District Court for the Southern District in New York. The court has yet to determine the value of the property or amount due creditors for the defaulted loans. [less]