Stuy Town officially moved to the special servicer last week. CWCapital has the honor, and Fitch came out with a distressed value of $1.89 billion. Fitch also stated that the sponsor requested relief, which is the reason for the transfer to the special.
S&P went into a little more detail and noted that there have been no conversions since early in 2009, and some units may be re-regulated.
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