commercial property boom and subsequent bust

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commercial property boom and subsequent bust

StuyTown auction to proceed

canada goose outlet jackets NEW YORK, Sept 16 (Reuters) A New York state judge cleared the way for a foreclosure auction of Stuyvesant Town/Peter Cooper Village in Manhattan, rejecting the efforts by a prominent investor to win control Canada Goose Outlet of the giant housing complex for a cheap price. canada goose outlet jackets

canada goose factory canada goose clearance sale outlet Justice Richard Lowe of the state supreme court in Manhattan ruled in favor of bondholders who hold a $3 billion mortgage on the 56 building, 80 acre property, which houses more than canada goose uk outlet 25,000 people. canada goose factory outlet

goose outlet canada Lowe also lifted a stay that prohibited CWCapital Asset Management LLC, which represents the bondholders, from completing a foreclosure auction now set for Oct. 4. Canada Goose Coats On Sale goose outlet canada

canada goose outlet nyc PSW had acquired a $300 million defaulted junior loan in August for just $45 million, and sought to use it to foreclose on the equity in the owner of the property, known as StuyTown. canada goose outlet nyc

canada goose jacket canada goose outlet strongly disagree with the ruling and we will be appealing it soon, Michael Ashner, Winthrop chief executive, said in an interview. canada goose jacket outlet

canada goose outlet uk sale Gregory canada goose uk black friday Cross, a lawyer representing CWCapital said: judge has given up the green light to proceed buy canada goose jacket cheap with the foreclosure sale, and we presently intend to move forward on Oct 4. canada goose outlet uk sale

canada goose outlet in usa Among the expected bidders is a joint venture among hedge fund Centerbridge Partners, billionaire investor Wilbur Ross and Richard LeFrak, a leading canada goose factory sale New York property developer. canada canada goose black friday sale goose outlet in usa

Ackman bid a way to speculate on the value of the property, LeFrak, chairman and chief executive of the LeFrak Organization, said in an interview. was an option at a pretty cheap price to get control of canada goose coats it Canada Goose sale without too much money.

canada goose outlet shop HARM A sale would mark a turning point for the complex, which was acquired in 2006 by an investor group led by Tishman Speyer canada goose uk shop Properties for Canada Goose online a record $5.4 billion. canada goose outlet shop

canada goose outlet reviews Canada Goose Jackets That group defaulted on its senior mortgage in January after the property value sank and a court barred it from raising rents as high as it wanted. commercial property boom and subsequent bust. The property is valued at less than half its 2006 price. canada goose outlet reviews

canada goose outlet online cheap Canada Goose Had PWC prevailed, it could have put the complex into bankruptcy. Pershing controls 77.5 percent of the venture. canada goose outlet online

canada goose outlet store uk PSW had hoped to foreclose without first paying off the $3.66 billion owed to senior lenders, including interest. A court ruled in June the lenders were entitled to this sum, in the wake of the January default. canada goose outlet store cheap canada goose uk uk

canada goose outlet black friday However, Lowe concluded the senior canada goose store lenders would suffer harm if Ackman went ahead, saying it would deprive them of the right to control management of the property and the ability to recover their $3.66 billion. canada goose outlet black canada goose outlet friday

He also suggested Ackman knew what he was getting into by acquiring the defaulted junior loan.

canada goose canada goose coats on sale outlet uk loans are inherently more risky than their senior counterparts a reality of which the junior lender, as a sophisticated party, was no doubt aware, Lowe said. canada goose outlet uk

canada goose outlet new york city Lowe also noted a societal interest in protecting the complex, which was built after World War Two to house middle class New Yorkers. canada goose outlet new york city

public interest is served by maintaining stability in what PSW concedes is the largest residential property in Manhattan and home to a significant portion of the city moderate income housing, he wrote.

TENANTS FUTURE The $5.4 billion purchase was financed in part by a $3 billion mortgage that was securitized into bonds and backed Canada Goose Online by the property.

canada goose outlet toronto factory It also included equity and $1.4 billion worth of junior loans that were backed by shares of the owner. canada goose outlet toronto factory

official canada goose outlet Proceeds from a foreclosure sale would go to repay the bondholders. If the apartments continue as rentals, the complex would be unlikely to generate enough money to repay the entire amount owed. official canada goose outlet

Some buy canada goose jacket interested investors have said the complex would be worth more if the units were sold to tenants as co operative apartments.

canada goose outlet canada City Councilman Dan Garodnick, a lifelong resident of the property, said in a statement that remain eager to take concrete steps toward securing a stable, permanently affordable future for this property. canada goose outlet canada

The case is Bank of America NA et al v. PSW NYC LLC, New York State Supreme Court, New York County, No. 651293/2010. (Reporting by Ilaina Jonas and Jonathan Stempel; Editing by Andre Grenon and Steve Orlofsky).