By Patrick Hedlund
DNAinfo News Editor
MANHATTAN — The planned foreclosure sale of Stuyvesant Town and Peter Cooper Village may be postponed for the third time in as many weeks, the New York Post reported.
The expected Friday auction — which has been delayed twice already — could reportedly be put off again due to legal negotiations between the complex's senior lender handling the sale and a junior investor, whose last-ditch attempt at scheduling its own foreclosure auction was rejected in court last month.
The 11,227-unit property was originally set to go to auction on Oct. 4 before lender CW Capital, which represents the complex's senior debt holders, postponed the sale to Oct. 13 due to ongoing wrangling with junior investor Pershing Square Winthrop.
CW Capital then postponed the auction again, to Oct. 22, citing delays associated with preparing the 80-acre property for a sale of such magnitude.
Unless a last-minute solution can be reached, Friday's auction will have to rescheduled yet again, the Post reported.
CW Capital is ultimately expected to emerge as Stuyvesant and Peter Cooper Village's new owner, with no other bidders in sight to put up the approximate $3.7 billion needed to pay off the mortgage.
