Largest NYC Apartment Complex to Be Sold Again

October 21, 2015

The massive Stuyvesant Town apartment complex is prepped for sale, five years after its owners defaulted on the mortgage. CWCapital Asset Management, which is currently in charge of the property, is looking to sell. A sale of Stuyvesant Town, home to about 30,000 New Yorkers, would end the litigation and fighting that has involved residents, bondholders, and politicians since 2010, when Tishman Speyer and BlackRock Inc. gave up the property after its value plunged in the financial crisis and they were unable to raise rents.

The massive Stuyvesant Town apartment complex is prepped for sale, five years after its owners defaulted on the mortgage. CWCapital Asset Management, which is currently in charge of the property, is looking to sell. A sale of Stuyvesant Town, home to about 30,000 New Yorkers, would end the litigation and fighting that has involved residents, bondholders, and politicians since 2010, when Tishman Speyer and BlackRock Inc. gave up the property after its value plunged in the financial crisis and they were unable to raise rents.

In 2007, Tishman and BlackRock were sued for raising rents while taking city tax breaks meant to subsidize affordable housing. The 2013 settlement of that case governs rent hikes through June 2020. After that, units are subject to deregulation and have the potential to rise to market rates.

Topics

More like this