Real Estate

Fortress preparing $4.7 bln bid for Stuyvesant Town: Bloomberg

Looking up First Avenue showing the Stuyvesant Town-Peter Cooper Village complex in New York.
Daniel Acker | Bloomberg | Getty Images

Fortress Investment Group is considering making a $4.7 billion bid for Stuyvesant Town-Peter Cooper Village, a Manhattan apartment complex, Bloomberg reported, citing a person familiar with the matter.

The New York-based private-equity firm is seeking financing for the bid and a deal would involve bringing in equity partners to contribute cash, the person said.

CWCapital Asset Management, a special servicer representing bondholders, took control of the complex in 2010 after its owners missed a debt payment.

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MetLife sold the complex in 2007 for a record $5.4 billion to a group led by Tishman Speyer Properties and a real estate unit of BlackRock.

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Barclays estimated in a May 2 report that the property could fetch $4 billion to $4.3 billion in a sale, which would result in zero losses to bondholders, the Bloomberg report said.

Fortress and CWCapital could not be immediately reached for comment.

—By Reuters