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 Stuyvesant Town-Peter Cooper Village when Blackstone initially took ownership in 2015. We were dedicated to turning things around.
Today, StuyTown remains Blackstone’s largest residential property globally1 with over 11,200 apartments in 56 buildings 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 $375 million in improvements across the property, and resident satisfaction has more than doubled as a result. In fact, StuyTown’s Net Promoter Score, a widely used consumer satisfaction measurement, increased 252% 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.”
invested in improvements and amenities
solar panels added by StuyTown, the largest private multifamily rooftop solar project in the US at the time of installation
reduction in average work order completion time since 2015
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 completed the largest private multifamily rooftop solar project in the US, installing nearly 10,000 solar panels across 22 acres that approximately doubled Manhattan’s solar capacity 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 owners.
All figures as of December 31, 2022 unless otherwise noted.
- As of June 30, 2023.
While Blackstone believes ESG factors can enhance long-term value, Blackstone does not pursue an ESG-based investment strategy or limit its investments to those that meet specific ESG criteria or standards, except with respect to products or strategies that are explicitly designated as doing so in their offering documents or other applicable governing documents. Such ESG factors do not qualify Blackstone’s objectives to seek to maximize risk adjusted returns. A decision to invest should take into account the objectives and characteristics of the relevant fund as set out in more detail in the applicable offering documents. Further information can be found at www.blackstone.com/european-overview.
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