Today CW Capital, the firm acting on behalf of the senior Stuyvesant Town/Peter Cooper Village debt holders, was expected to finally take full control of the property at a foreclosure auction. Any other bidder would have to put up over $3 billion to pay off the mortgage, and with the complex now estimated to be worth $1.9 billion, that probably wasn't going to happen. But CW postponed the sale until October 13, in order to negotiate something or other with Bill Ackman, whose takeover bid for Stuy Town didn't quite pan out. A 9-day delay doesn't sound like a big deal, except for the fact that the 11,000-apartment property might have to be put under martial law. City Room notes that Tishman Speyer, leader of the $5.4 billion debacle, had planned to stop managing Stuy Town tonight. CW Capital has already hired Rose Associates to run the day-to-day starting tomorrow morning, "but the company did not want to be thrust into a situation in which the ownership was murky." Anarchy! Quick, everyone into the fountain!
· Stuyvesant Town Foreclosure Auction Postponed [City Room]