Community structures were in disrepair. Maintenance calls took two weeks to answer. Amenities were few, and resident satisfaction was low. That was the state of the StuyTown when Blackstone initially took ownership in 2015. We were dedicated to turning things around.

Today, StuyTown remains Blackstone’s largest residential property globally with over 11,200 apartments in Manhattan. And the property is a 180-degree change from what it used to be.

Blackstone was methodical in its approach.

We brought in best-in-class management, including building an onsite team from the ground up, Beam Living, whose motto is “Making City Life Happier”. We proactively engaged with residents to improve their living experience, and helped create high quality residences. Over the course of our ownership, we’ve invested more than $425 million in improvements across the property. In fact, StuyTown’s Net Promoter Score, a widely used consumer satisfaction measurement, increased ~3X since our investment.

We also voluntarily preserved 5,000 units as affordable housing. Blackstone’s voluntary affordability program was positively received by leaders at all levels of government. In 2015, New York State Senator Brian Kavanagh — then the State Assembly Member for StuyTown’s district — described Blackstone’s purchase of StuyTown as a step towards “responsible ownership, with meaningful assurances of stability and long-term affordability.” U.S. Senator Chuck Schumer saluted it for preserving the property’s “middle-class values.”

  

StuyTown offers us more than just a home. They have created a unique community that gives us the comfort and joys of suburbia while living in this big city.”

STUYTown RESIDENT

Blackstone has worked on value-generating sustainable operations across our real estate portfolio for over a decade, and our investment in StuyTown is no exception. In 2019, Stuytown installed 9,600+ solar panels nearly tripling Manhattan’s solar capacity, and the largest private multifamily rooftop solar project in the US at the time of installation. In 2018, StuyTown became the first private multifamily community in New York to be LEED Platinum-certified.

Learn more about our commitment to serving as responsible owner-operators.

All figures as of December 31, 2024, unless otherwise noted.

Certain information on this website has been obtained from sources outside Blackstone, which in certain cases have not been updated through the date hereof. While such information is believed to be reliable for purposes used herein, no representations are made as to the accuracy or completeness thereof and none of Blackstone, its funds, nor any of their affiliates takes any responsibility for, and has not independently verified, any such information.