Winthrop, Pershing to Appeal Stuy-Town Foreclosure Injunction
- Sep 17, 2010
September 17, 2010
By Allison Landa, News Editor
Junior debt holders of Peter Cooper Village and Stuyvesant Town plan to protest a New York trial court’s refusal to let them foreclose on mezzanine loans on the properties.
Winthrop Realty Trust and Pershing Square Capital Management L.P. have invested a respective $10.5 million and $36 million in Peter Cooper and Stuyvesant Town, Manhattan’s biggest rental complex. Judge Richard Lowe’s decision allows senior debt holders CWCapital Asset Management L.L.C to proceed with an Oct. 4 foreclosure date.
Winthrop and Pershing’s joint venture, known as PSW, will seek to stay the planned foreclosure. Should they not prevail, their investments may be lost.
Tishman Speyer Properties L.P. and BlackRock Inc. bought Peter Cooper and Stuyvesant Town for $5.4 billion in 2006.