What's in it for CWCapital?

Don't forget, CWCapital actually wanted STPCV.  They bid on it.

We now know that CWCapital is getting paid over 600K per month to manage this place, but this near three-year-old article offers more light:

http://www.bloomberg.com/news/2010-10-01/stuyvesant-town-title-may-be-taken-over-by-cwcapital-at-foreclosure-sale.html

Transfer Taxes

CW would need to pay city and state transfer taxes of 3.025 percent of the bid price if it takes the title, according to Joshua Stein, principal of Joshua Stein PLLC, a New York-based independent commercial real estate law practice that isn’t involved in the case.

CW would also need to pay a second transfer tax when it eventually sells the property, Stein said. 

“Their position could be that we just want to acquire this damn thing,” Stein said of CWCapital. “Lets just buy it in, we’ll pay the transfer tax, and we’ll hope that the incremental value of holding and waiting will exceed the incremental cost of paying a second transfer tax.”

CW could avoid the double transfer taxes by negotiating a deal with a buyer ahead of the auction, and then selling the $3.67 billion mortgage to that acquirer moments before the foreclosure sale, Stein said. That buyer would still need to pay one transfer tax.