Hedge fund honcho Bill Ackman’s play for control of downtown apartment complex Stuyvesant Town-Peter Cooper Village next week has been put on hold after lenders sued to block him.
A New York state Supreme Court judge has set a Sept. 2 hearing between an Ackman-led real-estate venture and lenders who hold a $3 billion first mortgage on the property, represented by special servicer CW Capital.
Ackman’s Pershing Square and Winthrop Realty Trust, his partner in the real estate venture, had planned to gain control of the property by foreclosing on an entity that is responsible for the first mortgage on Aug. 25.
Lenders sued to stop him on Wednesday, demanding that they be paid $3.66 billion, including interest, owed them before Ackman be allowed to follow through on his plan.
Earlier this month, Ackman and Winthrop snapped up a $300 million slice of the second mortgage on the property in a bid to grab control of the entire complex.