CityRealty Insider > New Developments in the News

New Developments in the News

NOVEMBER 8, 2010

Stuy Town goes back to lenders, foreclosure canceled; Clock Tower plans shrink to fit economic realities.

Lenders have formally assumed control of the mid-20th-century born middle-income housing complex known as Stuyvesant Town/Peter Cooper Village, turning the city’s biggest real estate deal into the biggest real estate repossession of the new century. Upon reclaiming the apartment complex, CW Capital Asset Management, LLC stated that its first priority will be to attempt to reach a settlement over illegally raised rents and overcharges for about 4,300 apartments.

According to a recent statement, Africa-Israel USA, the company behind the redevelopment of the Clock Tower building overlooking Madison Square Park into condos, has changed plans slightly since the luxury condo development of the historic building was proposed in 2007. Original plans called for 55 x-large residences. Current plans include 100 downscaled units—they’ll “still be luxury”—for which the developer is currently working to secure financing.

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