CWCapital takes title to massive NYC apartment project for $4b
CWCapital Asset Management, on behalf of a consortium of lenders, has taken title to Peter Cooper Village and Stuyvesant Town, one of Manhattan’s largest apartment complexes totaling 11,232 units. The sales price is reportedly approximately $4.4 billion, or $391,738 per unit.
The sellers were Tishman Speyer and BlackRock Realty. CWCapital represented debt vehicles including ML-CFC 2007-6, Wachovia 2007-C30, Wachovia 2007-C31 and COBALT 2007-C2.
CWCapital has controlled the complex on behalf of lenders since 2010.
The property sold in 2006 for $5.4 billion to Tishman Speyer and BlackRock, who used mostly debt and money from pension funds and other investors. In 2010, the new owners defaulted on their loans. CWCapital took over on behalf of trusts that have a $3 billion mortgage