Ackman Enters Stuy Town Fray; Seeks Control, Supports Co-ops

10/09/2010 05:12 am ET | Updated May 25, 2011

Hedge fund manager Bill Ackman is making a play for Stuyvesant Town.

Mr. Ackman's Pershing Capital Management and Winthrop Realty Trust today put out an announcement that the two firms had bought up $300 million worth of mezzanine debt on the 11,200-apartment property and are seeking to foreclose on the owners

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