The DNAinfo archives brought to you by WNYC.
Read the press release here.

Stuyvesant Town Sale Postponed Yet Again

By Patrick Hedlund | October 12, 2010 6:10pm
The Stuyvesant Town and Peter Cooper Village complex sits on 80 acres on Manhattan's East Side.
The Stuyvesant Town and Peter Cooper Village complex sits on 80 acres on Manhattan's East Side.
View Full Caption
Mario Tama/Getty Images

By Patrick Hedlund

DNAinfo News Editor

MANHATTAN — The planned foreclosure sale of Stuyvesant Town and Peter Cooper Village has reportedly been postponed again.

The 11,227-apartment property was set to sell at auction Wednesday after the complex's senior lender handling the sale delayed the original Oct. 4 auction date.

But lender CW Capital, which represents holders of the complex's $3 billion mortgage, has again put off the auction until Oct. 22, The New York Times reported.

The company attributed the postponement — the second in nearly a week — to delays associated with preparing the 80-acre property for a sale of this magnitude.

CW Capital is itself 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.

The reason for the auction's initial postponement was that CW was reportedly negotiating a settlement with a group of rival investors led by hedge-funder William Ackman, who failed in an earlier attempt to foreclose on the 80-acre property and take control of the complex.

CW Capital and Ackman's group, Pershing Square Winthrop, have since resolved the issue, the Times reported.

Regardless, tenants are eager to get past the internal squabbles and work on a plan for the complex's future.

"Prolonged legal wrangling between creditor parties and uncertainty about the ownership of the property do not serve the interest of the tenant body or the city," read a statement from Councilman Dan Garodnick, a lifelong tenant of Peter Cooper Village who also represent the area.

"The tenants are ready to engage CW Capital in greater depth on how to put this iconic property back on firm footing."