Stuyvesant Town handover is being held up by $90M tax question

02/11/2010 | Bloomberg

Questions about a $90 million tax payment are impeding Tishman Speyer Properties' and BlackRock's handover of Stuyvesant Town-Peter Cooper Village to creditors. The companies are negotiating with the special servicer over who must pay the tax, which is still required even in foreclosure. "The reality is they can't just turn back the keys," says Rafael Cestero, New York City's commissioner of Housing Preservation and Development.

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