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Stuy-Town Could Be Split in Sale

NEW YORK CITY-A motion filed by BofA and CWCapital proposes selling the 11,227-unit apartment complex as either one property or two separate parcels.

By Paul Bubny | Updated on April 25, 2010

NEW YORK CITY-The 11,227-unit Peter Cooper Village/Stuyvesant Town apartment complex could be divided in a foreclosure sale under a motion filed Thursday by attorneys for Bank of America and CWCapital Asset Management. According to court documents, the senior creditors on the defaulted $3-billion mortgage are also seeking a referee to officiate in a foreclosure sale.

The rationale for selling the complex in two pieces stems from the fact that although it’s generally thought of as a single property, Peter Cooper Village and Stuyvesant Town are actually two separate parcels: Block 972, Lot 1 and Block 978, Lot 1, respectively. Thursday’s filing in US District Court in Manhattan proposes a “plan A” scenario under which the two parcels would be offered separately and a “plan B” scenario for selling them together.

Bidders could submit offers under both plan A and plan B, according to court documents. “The offers to purchase the property under plan A and plan B shall then be compared to each other,” according to the motion. “Amongst those offers, the highest and best offer will be determined and announced.”

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