NYC – Fears are growing at Stuyvesant Town and Peter Cooper Village as lenders are reportedly set to begin the lengthy foreclosure process today.
The New York Times reports CW Capital, the company overseeing the complex, will file an uncontested foreclosure action in State Supreme Court in Manhattan today on behalf of the owners of $3 billion in mortgages.
The foreclosure action is unlikely to immediately affect the 25,000 residents, but there are worries that services and maintenance could deteriorate at the 80-acre complex.
Tishman Speyer and Blackrock Realty announced last month that they were turning over the property after defaulting on a $16 million loan payment. The group bought the complex in 2006 for $5.4 billion.
(Source: NY1)
Join the official YWN WhatsApp status
2 Responses
G-d forbid if the Maya will try to step in and rescue them!
Bubby,
Recue who? Certainly not the landlord who is a victim of his own greed.