Fortess’ attempt to buy largest apartment complex stifled

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St Johns 1June 7, 2014- Observer reports that Fortress Capital’s attempt to buy Stuyvesant Town, the largest apartment complex in the city, was blocked when the current owner paid $130 in back taxes. “The auction for Stuyvesant Town-Peter Cooper Village, Manhattan’s largest apartment complex, has been canceled as CWCapital Asset Management exercised a deed in lieu of foreclosure earlier this week, Bloomberg News reported. CWCapital has managed Stuyvesant Town since 2010 on behalf of bondholders, Bloomberg said. In taking title to the property, the company paid over $130 million in city and state taxes and thwarted an outside investor from seizing the complex, according to a separate report from The New York Times.”

Mike Novogratz is a senior leader of Fortress. His company is also trying to use air rights from Pier 40 to allow it to convert the St. John’s Terminal Building into a commercial and residential building.

(Editorial note: In full disclosure, BP.TV supports the efforts to develop St. John’s)

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