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Judge Orders Stuy-Town Foreclosure Sale

NEW YORK CITY-An auction of the 11,227-unit multifamily complex is not likely to occur until after Labor Day, experts say.

By Paul Bubny | Updated on June 23, 2010

NEW YORK CITY-Peter Cooper Village and Stuyvesant Town will be sold at a foreclosure auction, possibly as two separate parcels, under an order issued by a federal judge late Monday afternoon. The date of the sale will be set by court-appointed referee Melanie Cyganowski of Otterbourg, Steindler, Houston & Rosen. The order by Judge Alvin Hellerstein of US District Court in Manhattan says the sale could take place as soon as 30 days after the ruling, but a more likely timeframe is post-Labor Day, according to published reports.

“While technically it could occur within 30 days, usually they’re just getting the paperwork done by then,” attorney Harold Shultz, a senior fellow at the Citizens Housing and Planning Council, tells GlobeSt.com. “I’m speculating on this, but if I were doing the premiere sale of a property, I would prefer to take my time on it, generate more interest and get more bidders. Also, you probably don’t want to try selling this in August,” when much of the commercial real estate and financial communities take vacations. Shultz and the CHPC are following the Stuy-Town case but are not involved with it.

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