Stuy Town to hit the market, once again

TRD New York /
Oct.October 18, 2015 11:45 AM

CW Capital Asset Management is preparing to sell Stuyvesant Town-Peter Cooper Village. The loan servicer, which controls Stuyvesant Town on behalf of bondholders, has tapped Eastdil Secured’s Doug Harmon to advise them on the sale of the 80-acre property.

Five years after Tishman Speyer and BlackRock defaulted on the property during the financial crisis, the property could see even more than the record $5.4 billion it last sold for in 2006. Eastdil Secured estimates that it could fetch between $5 billion and $6 billion, a person with knowledge of the deal told Bloomberg.

Other Bloomberg sources added that Blackstone Group is among the companies considering buying the property.

“That’s a lot of rental housing in an area that just keeps getting better,” Joshua Stein, principal of the eponymous real estate law firm, told Bloomberg. “It’s a very special asset. I would not be surprised if the value has now exceeded the value [of the 2006 deal].”

But of course, any deal is likely to be fought by locals, politicians and affordable housing advocates.

“The tenants are going to insist that the owners work directly with them and with the city to develop a responsible plan to protect the long-term affordability of the place,” City Councilman Dan Garodnick, a lifelong resident of Stuyvesant Town-Peter Cooper Village, told Bloomberg. “The ownership has changed more times in the last handful of years than it had since its creation and tenants want to see this issue resolved for good.” [Bloomberg]Christopher Cameron


Related Articles

arrow_forward_ios
Blackstone CEO Steven Schwartzman and Stuyvesant Town (Credit: Getty Images)

After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies

Brookfield's largest-ever $15B property fund has invested in properties from New York (666 Fifth Avenue) to Bangalore (the Leela Palace hotel) (Credit: Brookfield, Getty Images, Leela)

Real estate fundraising hits lowest level since 2013

Clockwise from left: JLL's Michele Mahl, Savills' Peter Hennessy, Eastdil Secured's Will Silverman, Christie’s Brian Meier, Nest Seekers' Mike Fabbri and Compass' Charlie Attias 

These were the biggest broker comings and goings of 2019

Blackstone's Jonathan Gray and an aerial of Industry City (Credit: Getty Images and Google Maps)

Industry City gets $720M refinancing

From left: Blackstone's Jonathan Gray, Joseph Simone of Simone Development and 535 Zerega Avenue in the Bronx (Credit: Google Maps, Simone Development)

Blackstone buys Bronx warehouse for $29M from controversial carter

Jonathan Firestone (Photo credit: Eastdil Secured)

Top Eastdil broker in LA heads to NY to boost capital markets team

Canarsie Plaza and Blackstone’s Kathleen McCarthy (Credit: Google Maps and Blackstone)

Blackstone picks up Canarsie shopping plaza for $130M

Blackstone Chairman Stephen Schwarzman (Credit: Blackstone via YouTube)

It will make you laugh, it will make you … cringe: Blackstone’s latest holiday video

arrow_forward_ios
Loading...