Monday, October 04, 2010

Stuyvesant Town Auction Postponed

Delorean at the Oval (via Flickr)

This is only tangentially related to music, but it's a big deal. Literally.

Stuyvesant Town and Peter Cooper Village is a huge apartment complex on the East Side of Manhattan, and is currently winding its way through a foreclosure process, after real estate companies Tishman Speyer and BlackRock Realty defaulted on its loans. But even the foreclosure has been convoluted, and part of the confusion arises from the truly labyrinthine ownership structure, and it's unclear who actually has the right to foreclose on the property - the senior or mezzanine (secondary) lenders. Today, the foreclosure was supposed to move forward, but has been pushed back again.

This whole mess was a result, partially, of Tishman's aggressive strategy of attempting to convert rent-controlled apartments to market rate, which ultimately failed. Along with the onset of the recession, the value on paper of Stuy Town plummeted. But strangely, the beneficiaries of Tishman's management were indie rock musicians - the summer concert series, Music on the Oval, hosted the likes of Delorean, Juana Molina, High Places and Jay Reatard (RIP). No word if they'll be music next year.

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