Peter Cooper Village | TRD Research
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Peter Cooper Village

392 First Avenue
New York, NY 10010
Retail, Residential, Leasing/Rental, Multifamily

Stuyvesant Town and Peter Cooper Village, nicknamed Stuy Town, is a residential development of red brick apartment buildings on the 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 expected. 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 2015, when Blackstone Group and partners went into contract to buy Stuy Town for $5.3 billion. The deal closed in December 2015.

  • Address 392 First Avenue
  • neighborhood Stuyvesant Town
  • borough Manhattan
  • owner Blackstone Group
  • owner entity BPP PCV OWNER LLC
  • floors 15
  • Year Built 1947
  • residential units 2,491
  • commercial units 7
  • total units 2,498
  • square feet 3,122,165
  • block and lot 1-00978-0001
  • BIN 1083679
  • Event Sales
  • Address Stuyvesant Town-Peter Cooper Village
  • Neighborhood Stuyvesant Town
  • Borough Manhattan
  • Price $ 5,300,000,000
notes
The 11,200-unit famous housing complex sold for $5.3 billion.
  • Event Retail Leasing
  • Address 400 E 23rd Street
  • Neighborhood Stuyvesant Town
  • Borough Manhattan
  • Square feet 2,200
  • Publication Date 12/01/2013
  • Event Date 10/22/2013
  • Party 1 Rose Associates
  • Party 2 Starbucks
  • Party 2 Brokerage SCG Retail
  • Party 2 Broker David Firestein
notes
The coffee chain signed a lease for a new location.
  • Event Sales
  • Address Stuyvesant Town-Peter Cooper Village
  • Neighborhood Stuyvesant Town
  • Borough Manhattan
  • Price $ 5,400,000,000
  • Price per foot $ 480,000.00
notes
The partnership agreed to pay $5.4 billion, or $480,000 per unit, for the 80-acre, 110-building complex. The deal is reportedly the most expensive real estate transaction in US history to date.

05/01/2016
Not only did the firm broker the sale of the 11,200-unit Stuyvesant Town and Peter Cooper Village to Blackstone Group and Ivanhoe Cambridge in December, it also brokered the $2.7 billion loan they used to buy it...

02/02/2016
Stuyvesant Town-Peter Cooper Village was responsible for over half that haul, with an NOI of over $220 million (aside: that’s well below the at least $375 million former owner MetLife once told prospective buyers the property would be making by now)...

02/01/2016
From left: Doug Harmon, Darcy Stacom and Bob Knakal New York City had a stellar year in 2015 for building sales â€' with massive properties From left: Doug Harmon, Darcy Stacom and Bob Knakal New York City had a stellar year in 2015 for building sales â€' with massive properties...

12/31/2015
Top from left: Robert A.M. Stern, 11 Madison Avenue, Brian Chesky, One57 and Rubin Schron. Middle from left: A map of Airbnb listings, Jonathan Top from left: Robert A.M. Stern, 11 Madison Avenue, Brian Chesky, One57 and Rubin Schron. Middle from left: A map of Airbnb listings, Jonathan...

12/11/2015
The year is expected to end with another huge property closing, the $5.3 billion acquisition of Stuyvesant Town and Peter Cooper Village by Blackstone...

11/05/2015
Just as its total impact on revenue remains cloudy, it’s unclear what the current configuration of units in Stuy Town is. In 2006, Stuy Town-Peter Cooper Village had 5,744 one-bedrooms, 4,977 two-bedroom and 511 three-, four- and five-bedroom apartments, an offering memo from that year stated...

11/01/2015
Speaking to that appeal was last month’s blockbuster $5.3 billion purchase of the sprawling apartment complex Stuyvesant Town-Peter Cooper Village by the Blackstone Group and Ivanhoe Cambridge...

02/02/2015
The Eastdil-CBRE rivalry should not go without some historical context. During the boom years, CBRE brokered a string of headline-grabbing deals, most notably the $5.4 billion sale of the Manhattan housing complex Stuyvesant Town and Peter Cooper Village in 2006...

01/02/2015
“The number of open court cases at the Savoy reflects our ongoing work to rehabilitate a distressed property and ensure compliance with rent-stabilization laws,” said a spokesperson for C&C Management, which is the management arm of L&M Development Partners. And while Langer had a rate of nearly 19 percent in the previously cited building on Fifth Avenue, among a wider group of buildings with a total of 1,014 units, he had a rate of just 3.6 percent. Also in Harlem, the Olnick Organization owns a 1,716-unit series of buildings known as Lenox Terrace, which combined had a rate of just 1.9 percent. And CWCapital Asset Management, which controls Stuyvesant Town, Peter Cooper Village and Riverton, which were all once heated battlegrounds in Housing Court, had a combined rate of approximately 0.4 percent, the survey found...

06/01/2007
Tishman Speyer's purchase of Stuyvesant Town and Peter Cooper Village for $5.4 billion earned it the second spot on the list...

10/01/2006
In late August, CB Richard Ellis announced it would market Stuyvesant Town and Peter Cooper Village for owner Metropolitan Life Insurance...

...of Blackstone’s $5.3 billion purchase of Stuyvesant Town — Peter Cooper Village. Excluding this sale, dollar volume was down 31 percent compared to the same period in...

...Peter Cooper Village, dollar volume rose 52 percent from $12.5 billion in 2014. Building volume remained unchanged from last year...

...Peter Cooper Village, will be a helpful boost to the year-end totals. Despite an increase in overall...