We knew hedge funder Bill Ackman was interested in taking control of Stuyvesant Town and Peter Cooper Village when his company and a partner picked up a not-too-shabby $300 million in mezzanine debt on the property. Like current special servicer CW Capital, Ackman hopes to foreclose on the property. But everybody and his brother has expressed interest in taking over the Tishman Speyer problem child lately, so just how eager could Ackman be? Well, he's scheduled the foreclosure auction for next Thursday, Crain's reports. Various experts say other Stuy Town hopefuls will emerge now that there's an auction date on the calendar, but Ackman has an advantage because he already holds some of the debt. He also still plans to take the complex co-op, a move that has probably won him the hearts of Stuy Town tenants who would like to buy their apartments for, oh, $200,000 to $250,000. Is Ackman trying to get a move on while other potential buyers are on vacation, or does the dude just really like auctions?
· Upstart roils Stuy Town battle [Crain's]
· Hedge Fund Dude is Latest to Think he Can Tame Stuy Town [Curbed]