NEW YORK CITY-A foreclosure auction on Peter Cooper Village and Stuyvesant Town that was to be held Monday won’t happen until at least the middle of next week. The new date for the auction, to be held under the direction of court-appointed referee Melanie Cyganowski, is Wednesday, Oct. 13, according to documents filed Monday at US District Court in Manhattan. No explanation for the postponement was offered in court papers.

When the auction takes place, it will be under the auspices of the senior debt holders, rather than the partnership that bought $300 million of senior mezzanine debt on the 80-acre multifamily complex for $45 million this past August. Known as PSW NYC LLC, the partnership of William Ackman’s Pershing Square Capital Management and Winthrop Realty Trust attempted to foreclose on the mezz debt, but suffered a series of judicial setbacks culminating in an Appellate Division court’s refusal last week to stay the senior debt holders’ plans.

Prior to Monday’s postponement, Bloomberg and other media outlets had suggested that CWCapital was getting ready to take title, assuming the absence of any bidders willing to pay more than the $3-billion face value of the mortgage. However, published reports on Monday said that CWCapital Asset Management, which is representing Bank of America and other senior mortgage holders, had met with PSW this past Friday and was working toward a settlement with the partnership.

Citing unnamed sources, the Wall Street Journal and Crain’s New York Business both reported that CWCapital is negotiating a buyout of the mezz debt from PSW. One possible reason, the published reports suggested, is that buying the mezz debt could lessen the transfer and mortgage taxes on the 11,227-unit complex—estimated to be as high as $200 million—perhaps by putting the property into bankruptcy.

A spokeswoman for CWCapital responded to GlobeSt.com’s request for comment with a prepared statement confirming that the auction has been rescheduled to Oct. 13. “This brief delay will not impact the transition of property management or the stability of the property,” according to the statement.

“Upon taking control of the property, CWCAM will appoint Rose Associates, Inc., who has been acting in the capacity of transition consultant since February 2010, as property manager,” according to the statement. “Until that time, Tishman Speyer will continue as manager of the property. CWCAM remains committed to the continued stability and smooth transition” of the complex.

Tishman Speyer and BlackRock Realty led a group of investors that bought Stuy-Town from MetLife in 2006 for $5.4 billion. A plan to convert rent-stabilized apartment units at the complex into market-rate housing played out more slowly than was anticipated. Further, the state Court of Appeals in October 2009 ruled that Stuy-Town’s owners had illegally decontrolled rent-stabilized apartments while also receiving J-51 tax benefits to perform renovations.

Two weeks after the high court’s ruling, the $3-billion mortgage was transferred into special servicing. Two months later, the complex’s ownership defaulted on the debt, and lenders began foreclosure proceedings in mid-February.