Stuyvesant Town was appraised at $3.4 billion in September, according to Barclays Plc, up from about $2.8 billion when CWCapital took it over. 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 jump in values underscores a rebound in Manhattan's rental market from the depths of the recession. The median apartment rent in the borough in March was $3,200 a month, approaching the 2006 high, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.

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