Foreclosure On Hold for Now
As you may have heard or read, CW Capital filed a lawsuit on Wednesday August 18th, against Pershing Square Capital and Winthrop Realty, the joint venture that recently acquired some of the mezzanine debt in a move to gain control of Stuyvesant Town/Peter Cooper Village.
This is another twist in what will surely be a complicated situation. CW Capital, the special servicer of the senior debt, sued Pershing Square and Winthrop in an effort to prevent them from foreclosing on the property, a move they had announced for August 25th.
On Thursday August 19th, Justice Richard Lowe (the same judge who has the Roberts v. Tishman Speyer case pending before him) granted a Temporary Restraining Order, which will keep Pershing and Winthrop from going forward with the foreclosure proceeding until further notice. The Court has scheduled oral argument on this matter for Thursday, September 2nd. Until then, everything remains in status quo.
The Tenants Association is continuing to work with our professional team to be ready to respond to any scenario.
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