By Nina Mandell
MANHATTAN — Foreclosure action is expected to begin Tuesday for the lenders of Stuyvesant Town and Peter Cooper Village, the New York Times reported.
CWCapital, the company representing owners of more than $3 billion in mortgages on Stuy Town, said it would file foreclosure papers in the State Supreme Court of Manhattan Tuesday.
As part of the uncontested action, Tishman Speyer and BlackRock Realty, the owners of Stuyvesant Town and Peter Cooper Village, will turn over the properties.
The foreclosure action is not expected to immediately impact the residents of the complexes, but as residents wait for a new owner to buy the property, they expressed concern to the Times about maintenance and management of the property.
Last month, Tishman Speyer and BlackRock Realty announced that it would turn over the properties to creditors after defaulting on a $16 million loan payment.
It was the first of a series of defaulting of loans by owners of massive middle-income housing complexes.