Stuyvesant Town and Peter Cooper Village | The Real Deal New York

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Stuyvesant Town and Peter Cooper Village

252 First Avenue
New York, NY 10009
Website
Retail, Residential, Leasing/Rental

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.

Download Blackstone's Agreement with the City of New York

  • Address 252 First Avenue
  • neighborhood Stuyvesant Town
  • borough Manhattan
  • owner Blackstone Group, Ivanhoe Cambridge
  • owner entity BPP ST OWNER LLC
  • floors 13
  • Year Built 1945
  • residential units 11,241
  • total units 11,241
  • square feet 8,942,176
  • block and lot 1-00972-0001
  • BIN 1082875
  • documents click here

12/30/16
...City property trades, including the $5.3 billion sale of Stuyvesant Town and Peter Cooper Village. Harmon and Spies’ move to Cushman puts Eastdil’s dominance at the top of...

10/06/16
...York City properties, including the $5.3 billion sale of Stuyvesant Town and Peter Cooper Village to Blackstone Group and Ivanhoe Cambridge. Their deals raked in what TRD estimated to...

07/25/16
...whether the properties, directly across the street from Stuyvesant Town and Peter Cooper Village, will be rental or for-sale. If Barnett wants to sell the units, he would...

07/06/16
...amp; Herz. In 2007, Schmidt's firm helped residents of Stuyvesant Town and Peter Cooper Village — the biggest rental complex in the city — sue their landlord for taking apartments out...

01/27/16
...Cambridge unveiled their $5.3 billion acquisition of Manhattan’s Stuyvesant Town and Peter Cooper Village residential complex. – Rey Mashayekhi...

01/07/16
...property records, lists the combined transfer price for Stuyvesant Town and Peter Cooper Village as $5.456 billion. But the actual filing documents put the “sales price paid” at $5.309 billion...

12/22/15
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...

12/11/15
...another huge property 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...

12/10/15
...the new buyers.  Behind the story: Wells Fargo Stuyvesant Town and Peter Cooper Village Blackstone Group On Monday, government-backed mortgage insurer Fannie Mae announced that Wells Fargo is...

12/07/15
...company announced Monday. Behind the story: Fannie Mae Stuyvesant Town and Peter Cooper Village Wells Fargo’s multifamily division will originate the acquisition loan and pass it on...

11/09/15
...ambitions for America's most famous housing complex -- Stuyvesant Town and Peter Cooper Village. In the months leading up to the $5.4 billion purchase in 2006, the joint venture partnership...

11/05/15
...the story: Blackstone’s Stuy Town Agreement (download) Stuyvesant Town and Peter Cooper Village Blackstone Group The city agreed to give Blackstone a subordinate acquisition loan over $143,718,750 through...

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...

11/03/15
...Ivanhoe Cambridge for $5.3 billion. Behind the story: CWCapital Stuyvesant Town and Peter Cooper Village The company, controlled by Fortress investment Group, will make as much as $615 million from...

10/29/15
...didn't want to go through all that publicity." Stuyvesant Town and Peter Cooper Village Blackstone Group Jonathan Gray Ivanhoe Cambridge CWCapital Douglas Harmon Alicia Glen Even whispers of...

10/28/15
...the story: Ivanhoe Cambridge Blackstone Group Wells Fargo Stuyvesant Town and Peter Cooper Village The loan will carry a loan-to-value ratio of about 50 percent, and will most likely...

10/24/15
...Town 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 debacle, the...

10/23/15
...Cambridge won the city’s backing to sell Stuyvesant Town and Peter Cooper Village’s unused air rights, which could rake in as much as $350 million. The concession...

10/22/15
...Cambridge’s involvement in the $5.3 billion acquisition of Stuyvesant Town and Peter Cooper Village. “Clearly that market seems to be very much there, very much alive,” he said...

10/21/15
...Tishman Speyer. Behind the story: BlackRock Larry Fink Stuyvesant Town and Peter Cooper Village "With the information we knew about Stuy Town, with the opinions we had from...

10/20/15
...Blackstone? Behind the story: Blackstone Group Jonathan Gray Stuyvesant Town and Peter Cooper Village “I think the important thing to note here is the kind of capital we...

10/19/15
...with Canadian investment firm Ivanhoe Cambridge to buy Stuyvesant Town and Peter Cooper Village for $5.3 billion, The Real Deal has learned. Behind the story: Blackstone Group Stuyvesant Town...

09/28/15
...driving force behind the firm's $5.4 billion acquisition of Stuyvesant Town and Peter Cooper Village, which ultimately ended in default. In 2012, he became the youngest-ever chair of the Real...

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...

07/16/15
...Manhattan saw an increase in rent-regulated units, with Stuyvesant Town and Peter Cooper Village benefiting from a 2009 court decision that saw more than 3,000 apartments reregulated and new buildings...
  • Event Retail Leasing
  • Address 264 First Avenue
  • Neighborhood Gramercy
  • Borough Manhattan
  • Square feet 1,193
  • Publication Date 06/01/2016
  • Event Date 05/18/2016
  • Party 1 BPP St Owner
  • Party 1 Brokerage Rose Associates
  • Party 2 Paris Baguette
  • Party 2 Brokerage PD Properties
  • Party 2 Broker Tony Park, Stacy Gim
notes
The French café signed a lease.
  • Event Retail Leasing
  • Address 334 First Avenue
  • Neighborhood Stuyvesant Town
  • Borough Manhattan
  • Square feet 1,213
  • Publication Date 06/01/2013
  • Event Date 04/22/2013
  • Party 1 ST Owner LP
  • Party 1 Brokerage Rose Associates
  • Party 1 Broker Bruce Spiegel, William Bergman
  • Party 2 Second Time Around
  • Party 2 Brokerage Handler Real Estate Organization
  • Party 2 Broker Scott Galin, Darell Handler
notes
The consignment fashion retailer signed a long-term lease for a location at the Stuyvesant Town residential complex.
  • Event Retail Leasing
  • Address 312 First Avenue
  • Neighborhood Stuyvesant Town
  • Borough Manhattan
  • Square feet 8,100
notes
The family-owned business signed a 15-year lease for another Ace Hardware location, its third in New York, at Peter Cooper Village/Stuyvesant Town. The deal includes 4,000 square feet on the ground floor and 4,100 square feet of selling space in the basement.
  • Event Retail Leasing
  • Address 298 First Avenue
  • Neighborhood Stuyvesant Town
  • Borough Manhattan
  • Square feet 10,873
notes
The drugstore chain inked a 15-year lease.
  • Event Retail Leasing
  • Address 292-298 First Avenue
  • Neighborhood Gramercy
  • Borough Manhattan
  • Square feet 10,873
  • Publication Date 02/01/2007
  • Event Date 12/18/2006
  • Party 1 Broker Patrick Smith
  • Party 2 Walgreens
  • Party 2 Broker Bruce Spiegel
notes
The drugstore chain inked a 15-year lease.
  • Event Retail Leasing
  • Address 324 First Avenue
  • Neighborhood Stuyvesant Town
  • Borough Manhattan
  • Square feet 1,796
  • Publication Date 03/01/2005
  • Event Date 01/20/2005
  • Party 1 MetLife
  • Party 1 Brokerage Rose Associates
  • Party 1 Broker Bruce Spiegel
  • Party 2 GameStop
  • Party 2 Brokerage Inline Realty
notes
Opening eighth Manhattan store
  • Event Retail Leasing
  • Address 268 First Avenue
  • Neighborhood Stuyvesant Town
  • Borough Manhattan
  • Publication Date 03/01/2005
  • Event Date 01/20/2005
  • Party 1 MetLife
  • Party 1 Brokerage Rose Associates
  • Party 1 Broker Bruce Spiegel
  • Party 2 Chameleon Nail Spa
  • Party 2 Brokerage Jansizian Group
  • Event Retail Leasing
  • Address 312 First Avenue
  • Neighborhood Stuyvesant Town
  • Borough Manhattan
  • Square feet 600
  • Publication Date 03/01/2005
  • Event Date 01/20/2005
  • Party 1 MetLife
  • Party 1 Brokerage Rose Associates
  • Party 1 Broker Bruce Spiegel
  • Party 2 Tasti D-Lite
  • Party 2 Brokerage Murray Hill Properties

...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...

12/11/15
...another huge property 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...

...the $5.4 billion sale 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...

...of Manhattan office 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...

...August, CB Richard 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...
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