NEW YORK CITY—CWCapital Asset Management, which controlsStuyvesant Town-Peter Cooper Village, has taken title to theproperty—which is Manhattan's largest apartment complex—andcanceled an auction for control of it, according to BloombergNews.
The Bethesda, MD-based company—which has been managing the11,231-unit complex on behalf of bondholders since 2010—says itexercised a deed in lieu of foreclosure on June 3. The move comesafter an unnamed investor made a bid to seize the property, theNew York Times reports.
CWCapital “determined this action to be in the best interest ofthe certificate holders and provided the greatest stability for thecommunity,” the company tells Bloomberg. “This'deed-in-lieu' will have no impact on residents or on propertyoperations.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
