Who Will Manage Stuyvesant Town?
February 13, 2010 by Neil · 1 Comment
One of New York’s older real estate families will take over the day-to-day management responsiblities of Stuyvesant Town / Peter Cooper Village. Rose Associates, which claims to manage over 30 million square feet of commercial and residential real estate, will manage during the ownership transition. Rose Associates is working with the blessing of CWCapital, the special servicer, [...]
Larry Gluck’s Stellar Management Loses Riverton Apartment Complex in Harlem
February 4, 2010 by Neil · 2 Comments
The 1,232 apartment units comprising the Riverton will be auctioned off because its owner no longer pays its debt financing. Stellar Management, purchased the property in 2005 and took out a $225 million mortgage. But by September of last year, it was worth just $108 million, according to one analyst estimate.
The gated enclave contains [...]
How May Stuyvesant Town Cause Tishman Speyer To Lose Millions More?
January 23, 2010 by Neil · 1 Comment
Gramercy Capital Corp, the most junior lender in the 2006 purchase of Stuyvesant Town/Peter Cooper Village, has asked CWCapital, the special servicer for senior lenders of $3 billion in commercial mortgages behind the deal, that co-owner Tishman Speyer be replaced as manager of the huge Manhattan apartment complexes.
A majority of other mezzanine lenders — which [...]
