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StuyTown OK for sale

By
Kaja Whitehouse
Published June 23, 2010, 4:00 a.m. ET

Just four years after being sold for a record $5.4 billion, beleaguered, 80-acre downtown apartment complex Stuyvesant Town-Peter Cooper Village once again appears headed for the sales block.

Shafted holders of the property’s $3.6 billion mortgage, which bal looned by $600 million after StuyTown’s owners defaulted earlier this year, received court approval late Monday to foreclose on the property and put it up for sale.

Among those expected to make a play for the complex is a group representing the tenants, who hope their plan will allow residents to buy their units if they choose.

Also eyeing the property is a group that teams New York real estate tycoon Richard LeFrak and billionaire investor Wilbur Ross.

“We will bid only if and when we can do so in concert with the tenants,” Ross told The Post yesterday. “Any proposal that materially disrupts the tenancy and lifestyle there would be inappropriate and impractical. This is not just a place card in a Monopoly game.”

Any sale is expected to take place after Labor Day and it could turn out that the creditors, led by mortgage company CW Capital, will simply choose to keep the 11,000-unit property until market conditions improve by lobbing in their own winning bid.