Peter Cooper Village | The Real Deal New York

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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

02/18/19
...Peter Cooper Village on Manhattan’s East Side thought they had won a major victory when the...

02/14/19
...business plan as viable. And at Stuyvesant Town–Peter Cooper Village, a 2009 court decision meant the deregulation of hundreds of apartments would no longer be...

...business plan as viable. And at Stuyvesant Town–Peter Cooper Village, a 2009 court decision meant the deregulation of hundreds of apartments would no longer be...

12/24/18
...for $5.3 billion. The massive property, which includes neighboring Peter Cooper Village, is home to 11,244 rental units across more than separate 50 buildings — enough to vault Blackstone...

12/03/18
...every building in Stuyvesant Town proper and adjacent Peter Cooper Village. Since then, Stuy-Town has been sold and defaulted on, surrounded by lawsuits and controversy...

11/21/18
...Peter Cooper Village. My dad worked at TWA — it’s probably where I got the bug from...

11/12/18
...Peter Cooper Village in 2015. The industry is pushing the Trump administration for a moderate FHFA director who...

...Peter Cooper Village. My dad worked at TWA — it’s probably where I got the bug from...

10/29/18
...Peter Cooper Village. As of earlier this year, every Stuy Town building had an 'A' rating...

09/28/18
...Brooklyn-based Malek Management, Solil Management, Stuyvesant Town and Peter Cooper Village owners Blackstone Group and Ivanhoé Cambridge were among the developers that didn’t file...

09/21/18
...largest rental complex, the 11,500-unit Stuyvesant Town and Peter Cooper Village, owners Blackstone Group and Ivanhoé Cambridge submitted 16 such applications. In the mid-2000s, under...

09/17/18
...Peter Cooper Village and Kips Bay Plaza — has agreed to buy Parker Towers, a 1,300-unit complex in...

07/18/18
...every building in Stuyvesant Town proper and adjacent Peter Cooper Village. Since then, Stuy-Town has been sold and defaulted on, surrounded by lawsuits and controversy...

06/18/18
...Peter Cooper Village to Blackstone and Ivanhoe Cambridge for $5.3 billion in 2015. The global asset manager also has...

...Peter Cooper Village to Blackstone and Ivanhoe Cambridge for $5.3 billion in 2015. The global asset manager also has...

04/26/18
...Peter Cooper Village in 2015 — through its special servicer subsidiary CWCapital — for $5.3 billion. It’s also an equity...

03/05/18
...Peter Cooper Village and the $905 million pending sale of Starrett City, the property was not widely marketed...

...Peter Cooper Village and the $905 million pending sale of Starrett City, the property was not widely marketed...

02/22/18
...Peter Cooper Village in 2015. “I do sometimes go out and canvas for less obvious buyers,” said Jungreis...

01/25/18
...Peter Cooper Village. The rental market struggled last year as well, with median rents falling in Manhattan...

01/05/18
...to keep 5,000 apartments affordable in Stuyvesant Town and Peter Cooper Village for 20 years, and the city pledged to give the owners $220 million in financial assistance...

01/03/18
...Peter Cooper Village and a 21-building Caiola portfolio...

12/25/17
...Peter Cooper Village, workers installed a small metal plaque on the west side of its central oval...

12/05/17
...Peter Cooper Village No pain, no gain. Yet another investor is suing CWCapital, trying to get a...

12/05/17
...Peter Cooper Village. Brookfield put the 2.3 million-square-foot, 54-story tower up for sale in October and also considered...
  • 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.

...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...

02/02/16
...Peter Cooper Village was responsible for over half that haul, with an NOI of over $220 million (aside...

...Peter Cooper Village and 11 Madison trading hands. But while it’s the buyers and sellers who normally...

12/31/15
...Peter Cooper Village that became the poster child for the greed of the housing boom and ultimately...

12/11/15
...closing, the $5.3 billion acquisition of Stuyvesant Town and Peter Cooper Village by Blackstone. Through October, buyers have paid more than $37 billion for all commercial properties...

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...

...Peter Cooper Village by the Blackstone Group and Ivanhoe Cambridge. But while that deal captured headlines, there...

...of the Manhattan housing complex Stuyvesant Town and Peter Cooper Village in 2006. But the investment sales team at the firm began falling further behind Eastdil...

...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...

...space. Tishman Speyer's purchase of Stuyvesant Town and Peter Cooper Village for $5.4 billion earned it the second spot on the list. This deal is the...

...Ellis announced it would market Stuyvesant Town and Peter Cooper Village for owner Metropolitan Life Insurance. The sale could set a national price record of...

...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...

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

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