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The future of the massive housing complex will have to wait another week.
October 4 is the big day for the complex’s 25,000 residents.
Actually, Gerald Guterman has been there for years.
Or at least all up in one very key part of its debt.
Lenders are owed over $3.6 billion — not that they're going to get it.
The powerhouse law firm will not seek compensation for its work.
Rather than face a painful and protracted foreclosure, the two companies have given up the massive apartment complex.
This means foreclosure will likely come sooner rather than later.
They were judged to have improperly deregulated rent-stabilized apartments.
Sources tell the paper that, at maximum, the investment group headed by Tishman Speyer and BlackRock has until February before they run out of cash to service their debt on the massive property.
A judge ruled that they may owe tenant up to $200 million for illegally raising rent and deregulating apartments.
Also, Lehman Brothers weighs its options, and 15 CPW breaks the $100 million barrier.
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