Monday, October 20, 2014
Stuy Town appraised at 3.5bln ... so what?
People are besides themselves that Stuy Town has been reappraised for $500mm more than the senior loan balance, as a potential sale approaches early 2015 (which is also not going to happen without a co-op conversion plan). So what??? At least that amount has been advanced by the servicer, and they are at the front of the line to get repaid upon loan liquidation.