Bill Ackman and Pershing Square Capital Management have just lost big in their battle over StuyTown.
The property is now set to be foreclosed on by its chief servicer, CWCapital Asset Management, after an appeal by Ackman was dismissed, according to Reuters.
CWCapital are the servicer on the property’s $3 billion mortgage.
CWCapital dismissed the appeal stating, “They had no more ability to enjoin our foreclosure than the Red Sox have to stop the Yankees from signing free agents”
Ackman’s Pershing Square Capital, and its Winthrop partner, own $300 million of debt in the project, though it is at the mezzanine level.