Lender tries to boot Tishman out of StuyTown
One of New York’s biggest apartment complexes could slip from real-estate mogul Jerry Speyer’s grasp.
A disgruntled lender for Stuyvesant Town-Peter Cooper Village is trying to have Tishman Speyer canned as manager of the 80-acre complex after the real-estate developer — which co-owns StuyTown — defaulted on its $3 billion mortgage this month, sources told The Post.
If CW Capital, the company that services the mortgage, approves the request, it could cost Tishman big. In 2008, the company earned $4.2 million for managing StuyTown.
It could also topple Tishman’s resolve to stay on as owner.
Tishman bought the property with BlackRock for a record $5.4 billion in 2006. It has been trying to hang on to the complex even as StuyTown’s value has plummeted to $1.8 billion on a court ruling that could hold down the rent revenues.
The lender seeking to boot Tishman is Gramercy Capital, which alongside real estate manager SL Green Realty, invested $200 million in so-called mezzanine loans.
The push to oust Tishman raised the prospect of SL Green, which founded Gramercy in 2004, looking to swoop in as property manager. But a person close to the company dismissed the notion, saying SL Green, a manager of Manhattan office properties, has no intention of operating residential real estate.
Tishman has requested a six-month forbearance so it can try to hammer out a new agreement with lenders, and possibly stay on as co-owner and property manager.
One option for the “mezz” lenders, who hold a total of $1.4 billion in debt that’s separate from the main $3 billion mortgage, is to foreclose on StuyTown and take over as the owners.
Last week, a group of mezz lenders threatened as much — but that would make them responsible for the $3 billion mortgage.