PCV/ST now REO!

Roger (who I assume you all know) says it best:

On Tuesday, CWCapital Asset Management, on behalf 

of the trusts it represents, formally took ownership 

of Peter Cooper Village and Stuyvesant Town, via a 

deed in lieu of foreclosure. This action means that

the properties are now REO assets of the trusts.

In addition, as result of the change in ownership, 

the foreclosure auction, of the top three layers 

of mezzanine debt, planned for next week, has been 

canceled.