Venable partner Greg Cross was quoted in an April 23 Bloomberg article lenders' foreclosure proposal for Manhattan's Stuyvesant Town and Peter Cooper Village apartments.
According to the article, Bank of America Corp. and special loan servicer CWCapital Asset Management LLC, have asked for court approval to offer the 80-acre property in either one or two pieces in a foreclosure auction.
Tishman Speyer Properties LP and BlackRock Inc. bought the development for $5.4 billion in 2006 near the top of the U.S. real estate boom. Cross, who represents CWCapital, told Bloomberg that the mortgage for the properties is secured by two distinct parcels, a division that requires offering them for sale separately.
"Tishman has consented to the foreclosure and the other defendants have answered, so we thought it was appropriate to file a motion," said Cross, who filed the motion on April 22 in U.S. District Court in Manhattan.
According to the article, Bank of America Corp. and special loan servicer CWCapital Asset Management LLC, have asked for court approval to offer the 80-acre property in either one or two pieces in a foreclosure auction.
Tishman Speyer Properties LP and BlackRock Inc. bought the development for $5.4 billion in 2006 near the top of the U.S. real estate boom. Cross, who represents CWCapital, told Bloomberg that the mortgage for the properties is secured by two distinct parcels, a division that requires offering them for sale separately.
"Tishman has consented to the foreclosure and the other defendants have answered, so we thought it was appropriate to file a motion," said Cross, who filed the motion on April 22 in U.S. District Court in Manhattan.