By Nina Mandell
DNAinfo Reporter/Producer
MANHATTAN — Appaloosa Management, a New Jersey-based hedge fund that has acquired much of the debt on Stuyvesant Town and Peter Cooper Village, is complaining that the owner is mismanaging the massive residential complex.
The hedge fund filed papers in a Manhattan court Wednesday accusing CW Capital, the company that acts on behalf of the rest of the creditors-turned-owners of Stuy Town, of acting “irrationally and imprudently”, the New York Times reported.
In the court filings, Appaloosa argues that CW Capital should have pushed Tishman-Speyer to bankruptcy court to hundreds of millions in transfer taxes that will be incurred if the property is sold.
Earlier Wednesday, it was revealed that tenants at the building have ramped up their campaign to buy back their apartments.
It was unclear how the lawsuit would affect the tenants' push.
