Rose Associates is taking over from Tishman Speyer as property manager at Stuyvesant Town and Peter Cooper Village prior to CWCapital Asset Management’s thrice-postponed foreclosure auction, the special servicer announced today. Rose, which has been consulting on the ownership transition for the 80-acre complex since February, was expected to begin its property management duties after the auction, at which CWCapital will presumably emerge as the new owner. Originally scheduled for Oct. 4, the auction was delayed today for the third time because CW, acting on behalf of the complex’s senior creditors, is reportedly in ongoing negotiations for a buyout of a group of junior debt holders led by Bill Ackman’s Pershing Square Capital Management. Rose had been the previous property manager at Stuyvesant Town before Tishman Speyer took over in 2006.
Rose Takes Over as Stuy Town Manager