Stuyvesant Town Foreclosure Stalled

08/19/2010 06:12 pm ET | Updated May 25, 2011

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.

Read more on Crain's New York Business

Suggest a correction