Stuyvesant Town to Go to Auction Next Week

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Photo: Patrick McMullan

A state appeals court upheld a recent lower court decision today that hedge funder Bill Ackman doesn't have the right to hold his own foreclosure of the massive Stuyvesant Town and Peter Cooper Village apartment complexes. This ruling paves the way for a scheduled foreclosure auction on October 4. There are several interested parties who will likely bid for the troubled property, including Gerald Guterman, Wilbur Ross, and Richard LeFrak. The tenants association, which represents the 25,000 residents, has not yet assembled a bid. [Reuters]