Two tenants of the Manhattan apartment complex Stuyvesant Town-Peter Cooper Village objected to a $68.8 million settlement residents reached with MetLife Inc. and CWCapital Asset Management LLC in November over rent overcharge claims.
A settlement over rental rates at Stuyvesant Town-Peter Cooper Village removes a major hurdle to a sale of Manhattan’s largest apartment complex, almost three years after the property’s previous owners ceded it to lenders.
A joint venture led by Bill Ackman was able to do what the state of California, the Church of England and Tishman Speyer Properties LP were not: get back its investment in Manhattan’s Stuyvesant Town-Peter Cooper Village.
Pershing Square Capital Management LP and Winthrop Realty Trust’s $45 million investment in Manhattan’s Stuyvesant Town-Peter Cooper Village is in jeopardy after the companies failed to stop a planned foreclosure sale.
Tenants of Stuyvesant Town-Peter Cooper Village in New York who sued alleging they were overcharged for rent reached a $68.8 million settlement with MetLife Inc. and CWCapital Asset Management, lawyers said.
Bart M. Schwartz, the court- appointed receiver for Ariel Fund Ltd. and Gabriel Capital LP, which were feeder funds for Ponzi schemer Bernard Madoff, sued J. Ezra Merkin for breach of fiduciary duty, gross negligence and fraud.
CWCapital Asset Management LLC, which represents senior debt holders of Stuyvesant Town-Peter Cooper Village, may be poised to take the title to Manhattan’s biggest apartment complex at a foreclosure sale next week.
Senior debt holders of Stuyvesant Town-Peter Cooper Village, Manhattan’s biggest rental complex, plan to proceed with an Oct. 4 foreclosure sale after a judge blocked a rival group’s move to take control of the apartments.