NEW YORK CITY—CWCapital Asset Management has been sued bylenders claiming they are being cheated out of hundreds of millionsof dollars in the takeover of the Stuyvesant Town and Peter CooperVillage development, according to Bloomberg News.
CW—which has managed the 11,000-unit apartment complex onbondholders' behalf since 2010—tooktitle to the property in June by exercising a deed in lieu offoreclosure. CW canceled an auction and indicated it will put thecomplex up for sale.
CW is charged with having engaged in “a continuing pattern ofmisconduct designed to keep CW in control” of the property and“reap an unjust windfall” of $1 billion that should go tolower-level lenders who have received nothing, according toBloomberg's reporting on the complaint.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
