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$3.2 Billion Appraisal Puts Stuy-Town a Step Closer to Selling

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Just as Stuy-Town finally figured out how to really start raking in the money, a new appraisal has made its long-awaited sale a step closer to reality. According to the Post, an independent appraiser for CW Capital, which controls the property on behalf of bondholder owners, valued the rental complex at $3.2 billion, up $400 million from its last appraisal in 2010, when CW took Stuy-Town over from the Tishman Speyer-led development group that spent $5.4 billion on the property in 2007. This new appraisal opens the door for the bondholders, who need to get $3.4 billion to break even, to approve a sale to one of the numerous potential buyers waiting in the wings. Also pushing the property closer to officially being on the market is the recent settlement of the dispute between tenants and management concerning rent overcharges. Despite a settlement being reached, however, a lawyer for CW said that its conclusion could be delayed by appeals and that the whole thing would be wrapped up "sometime in 2014."
· New appraisal opens door to Stuy Town sale [NYP, via The Real Deal]
· Stuy-Town coverage [Curbed]