NYC's Stuyvesant Town said to be for sale with Blackstone weighing bid
80-acre property may change hands for more than record US$5.4b paid near market peak in 2006
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New York
MANHATTAN's Stuyvesant Town-Peter Cooper Village apartment complex is being prepared for a sale, five years after its prior owners defaulted on the mortgage and walked away from the property in one of the biggest collapses from the last decade's real estate boom.
CWCapital Asset Management, the loan servicer that has been in control of Stuyvesant Town on behalf of bondholders, has hired Eastdil Secured LLC to advise on the sale of the 80-acre property, which is expected to fetch US$5 billion to US$6 billion, according to a person with knowledge of the situation. Blackstone Group LP is among the companies in talks for a deal, said two people, who asked not to be named because the matter is private.
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