Nov 05, 2015

Blackstone and Ivanhoé Cambridge Agree to Acquire Stuyvesant Town and Peter Cooper Village

Last month, funds managed by Blackstone's Core+ real estate unit announced a $5.3 billion investment in Stuyvesant Town and Peter Cooper Village in New York City, the largest rental apartment complex in the United States, encompassing 11,241 units in 56 buildings on 80 acres in Manhattan’s East Village. This property is truly unique and maintains a storied place in New York City’s history. Constructed in the 1940s to provide middle class housing in the City for teachers, firefighters, nurses and police officers, the complex fell on hard times through a series of ownership changes. Blackstone stepped in and reached a historic agreement with Mayor de Blasio and the City of New York to preserve the community’s heritage of affordability by saving 5,000 affordable units. Watch our new video to learn more: 

“This place means something special in the history of New York City because it was built for working people, it was built for the emerging middle class. The teachers, the firefighters, the police officers, the nurses, everyday people who make this city great will be able to live right here in the middle of Manhattan.”
New York City Mayor Bill de Blasio.

“We needed a great company that knows how to deal with real estate but also has compassion and understood the need to keep it middle class, that was not just interested in, as some others might be, in flipping it. And Blackstone stepped up to the fore, and they have put together a great deal. They are going to make money. They are going to do well. But the deal preserves the middle class value of Stuy Town for decades to come, and so they have also done good. And I really want to salute Blackstone for the great job they have done.”
Senator Charles Schumer

“Most fundamentally, we insisted on finding a true partner as our next landlord. Someone who would share our interest in stability, not build on our valued open spaces, and agree to keep Stuyvesant Town and Peter Cooper Village as a unified whole, and I believe we have found that partner in Blackstone.”
Council Member Dan Garodnick

“We told the seller that we wanted a comprehensive solution that could end up being a win-win-win. The seller gets a full and fair price, the city maintains affordability, tenants are happy with who takes over and we can make a good investment on behalf of our own investors. And that was the premise of the deal.”
– Blackstone’s Jon Gray