A joint venture between Pershing Square Capital Management and Winthrop Realty Services will not be allowed to foreclose on Stuyvesant Town/Peter Cooper Village next week, the court ruled on Thursday.
The temporary stay comes just a day after Bank of America and U.S. Bancorp, trustees for the senior lenders of the giant residential complex, sued to block the joint venture from foreclosing on the 110-building property. The suit charged that the partnership breached terms of the inter-creditor agreement for the property, which outlines how the loan will be paid by all the different creditors.
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