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Stuy Town Foreclosure Will Not Be Happening Next Week

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That was quick: just a day after Stuy Town special servicer CW Capital filed court papers to stop new mezzanine loan owner Bill Ackman from foreclosing on Stuyvesant Town and Peter Cooper Village, the court has, for the moment, taken CW Capital's side. The foreclosure auction that Ackman's Pershing Capital Management and partner Winthrop Realty Trust had scheduled for next week won't happen, Crain's reports. Instead, the two sides will meet in court on September 2 to present their cases for controlling the complex. CW Capital says Pershing and Winthrop plan to take control, file for bankruptcy, and dodge payment of the mortgage. But Team Ackman is holding to its plan to take Stuy Town and Peter Cooper Village co-op and use sales proceeds to cover that $3.7 billion mortgage. A number that still makes those wished-for $200,000 co-ops seem maybe a little out of reach.
· Court suspends Stuy Town foreclosure [Crain's]
· Next Stage of Stuy Town Tug of War Will Take Place in Court [Curbed]