The massive apartment complexes Stuyvesant Town and Peter Cooper Village are attracting interest from some key players.
A group that includes Pershing Square Capital Management and Winthrop Realty Trust hopes to gain ownership of Peter Cooper Village and Stuyvesant Town at an Aug. 25 foreclosure auction.
Investor William Ackman says the group hopes to convert rental apartments into affordable co-ops, The Wall Street Journal reports. . Ackman said his group would work with the complex’s tenants association to ensure the co-ops would be affordable so people who live there now would be able to buy their units, the newspaper said.
Other creditors and potential buyers also are wrangling for control of the property.
(Read more via NBC New York.)