Picking up pieces at Stuyvesant Town
Special servicer will lead the lenders who now find themselves trapped in a giant maze of often competing interests.
In the coming weeks, control of Stuyvesant Town/Peter Cooper Village will pass from one of New York’s most glamorous and powerful real estate families to a company that most people have never heard of, a major player in an industry that few even know exists.
Last week’s decision by the partnership led by Jerry Speyer and son Rob to hand back the keys to the complex after defaulting on a mortgage payment lays the groundwork for the transfer. Stepping into the breach will be CW Capital, a special servicer. Such companies work out troubled-property loans to salvage whatever it can for lenders.
Please see complete article at CrainsNewYork.com
Comments
Subscribe via RSS
