Stuyvesant Deal Finally Finalized

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Photo: Don Emmert/Getty Images

Investors reached a settlement over Stuyvesant Town and Peter Cooper Village yesterday. CW Capital paid off hedge-fund chief Bill Ackman's group, which has been jockeying for control since purchasing a chunk of the complex's junior debt in August. CW's $45 million payment to Ackman's group means that "CW now can avoid future litigation and save on taxes owed to the city, state and Metropolitan Transportation Authority, estimated at as much as $100 million or more." CW and tenant leaders both want to covert the property to cooperatives or condos, which could jeopardize the long-term affordability of the complex's 11,200 apartments. [WSJ]