Massive Manhattan apartment complex Stuyvesant Town-Peter Cooper Village is back on the market four years after its owners defaulted on a $3B-plus mortgage and Fortress Investment Group (FIG), reports Bloomberg, is looking to get financing for a $4.7B bid.
Stuyvesant Town is currently under the control of special servicer CWCapital, which is owned by Fortress. CWCapital has begun the process of foreclosing on the property's mezzanine debt, a move which would pave the way for a sale.
The complex was purchased at the height of the bubble for $5.4B and recently appraised at $3.4B. A $4.7B bid would certainly speak to the resurgence of NY's rental market. Brookfield Asset Management (BAM) continues to work with tenants seeking to put together their own bid for the property.