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Stuyvesant Town and Peter Cooper Village

252 First Avenue
New York, NY 10009
Website
Retail, Residential, Conversion
Stuyvesant Town and Peter Cooper Village
Stuyvesant Town and Peter Cooper Village, nicknamed Stuy Town, is a residential development of redbrick apartment buildings on the Lower East Side of Manhattan, built in the 1940s as government-subsidized housing. The towers-in-the-park style sister developments are bounded by First Avenue, Avenue C, and 14th and 23rd Streets. Together, they contain 110 buildings. In 2006, real estate development firm Tishman Speyer and investment firm BlackRock purchased the site in its entirety for $5.4 billion from MetLife, an insurance company, in the hope of converting it into a market-rate rental complex. The deal, one of the largest real estate transactions in United States history and fueled by borrowing, went sour as conversion of units to market-rate was slower than the buyers had expects. Rent-regulated tenants successfully sued to slow down the process and reverse it in some cases. In 2010, Tishman Speyer and BlackRock turned the property over to their creditors to avoid bankruptcy. CWCapital, which represented the creditors that foreclosed on the property after the default, controlled the property until October of 2015, when Blackstone Group and partners went into contract to buy Stuy Town for $5.3 billion. The deal closed in December 2015. -GB & WP Download Blackstone's Agreement with the City of New York
  • Address 252 First Avenue
  • neighborhood Stuyvesant Town
  • borough Manhattan
  • owner/developer Blackstone Group, Ivanhoe Cambridge
  • floors 13
  • Year Built 1945
  • residential units 11,241
  • square feet 8,942,176
  • block and lot 1009720001-1-009720001-100978-0001
  • documents click here
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01/27/16
Sam Zell’s Equity Residential closed its sale of a massive, 23,000-unit residential portfolio to Barry Sternlicht’s Starwood Capital Group for nearly $5.4 billion, the Chicago-based...
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UPDATED, 2:12 p.m., Dec. 23: New York’s investment sales market continued to soar in 2015, bolstered by an enthusiastic lending environment. While many of the...
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UPDATED, Dec. 7, 4:00 p.m.: Mortgage giant Fannie Mae is backing the Blackstone Group and Ivanhoe Cambridge’s acquisition of Stuyvesant Town-Peter Cooper Village with a...
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11/09/15
Years before famously defaulting on $4.4 billion in loans, Tishman Speyer and BlackRock Realty had lofty ambitions for America’s most famous housing complex — Stuyvesant Town...
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11/05/15
When the city announced an agreement with the Blackstone Group to preserve 5,000 affordable housing units at Stuyvesant Town-Peter Cooper Village last month, it disclosed...
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11/05/15
The revenue for Stuyvesant Town and Peter Cooper Village has risen steadily over the past few years, and one path to growth has been the...
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11/03/15
Stuyvesant Town special servicer CWCapital Asset Management stands to make more than half a billion from the property’s sale to the Blackstone Group and Ivanhoe...
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10/29/15
TRD Special Report:In August 1947, as the first tenants were moving into Stuyvesant Town-Peter Cooper Village, workers installed a small metal plaque on the west...
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10/28/15
Megabank Wells Fargo is taking the lead on $2.5 billion in debt financing for the Blackstone Group and Ivanhoe Cambridge’s acquisition of Stuyvesant Town. Tags: blackstone...
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As Tishman Speyer’s $5.4 billion acquisition of Stuyvesant Town and Peter Cooper Village transitions from the biggest deal in American real estate to the biggest...
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SL Green Realty CEO Marc Holliday used his company’s third quarter earnings call Thursday to herald nine different asset sale transactions in the period that...
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10/21/15
BlackRock’s Larry Fink has no regrets about about one of his firm’s most public failures, the purchase of Stuyvesant Town in 2006, along with partner...
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10/20/15
“We want to own this property for a very long time,” Jonathan Gray said at a press conference Tuesday at Stuyvesant Town-Peter Cooper Village, the massive housing complex which...
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10/19/15
The Blackstone Group is partnering with Canadian investment firm Ivanhoe Cambridge to buy Stuyvesant Town and Peter Cooper Village for $5.3 billion, The Real Deal...
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09/28/15
UPDATED, 1:27 p.m., Sept. 28: Tishman Speyer’s Rob Speyer has been appointed sole CEO of the company, after sharing the title for seven years with...
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09/22/15
The rent is really damn high, and getting higher. A new study from Harvard University and Enterprise Community Partners, an affordable housing advocate, found almost 30 percent...
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New York City lost more than 50,000 rent-stabilized apartments in the last eight years, with most of the deregulation occurring on the Upper East Side,...
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UPDATED, 5:49 p.m., October 1: Savvy real estate investors made a killing on distressed properties in the wake of the financial crisis. But as the...
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08/11/14
The large real estate investment company Brookfield Property Partners signed a contact last month to acquire a 3,962-unit portfolio of apartment buildings in Upper Manhattan,...
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08/11/14
Fearing the potential loss of 6,000 apartments for middle-class tenants at Stuyvesant Town-Peter Cooper Village, the de Blasio administration has reached an agreement to extend...
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07/10/14
As the de Blasio administration rounds the six-month mark, more than 8,700 units of affordable housing have already been financed. Tags: affordable housing, bill de...
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12/11/15
From the December issue: Manhattan investment sales began 2015 with several monster transactions, led by Ivanhoe Cambridge’s January purchase of 1095 Sixth Avenue for $2.2...
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11/05/15
The revenue for Stuyvesant Town and Peter Cooper Village has risen steadily over the past few years, and one path to growth has been the...
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One of New York City’s longest-standing rivalries, between Eastdil Secured and CBRE for the lead in investment sales, now appears to be on ice. A...
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