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Stuyvesant Town

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 8,759
  • commercial units 46
  • total units 8,759
  • square feet 8,942,176
  • block and lot 1-00972-0001
  • BIN 1082875
  • Event Retail Leasing
  • Address 286 A First Avenue
  • Neighborhood Stuyvesant Town
  • Borough Manhattan
  • Square feet 1,736
  • Publication Date 06/18/2018
  • Event Date 06/12/2018
  • Party 1 Blackstone Group
  • Party 2 Starbucks
  • Party 2 Brokerage SCG Retail
  • Party 2 Broker David Firestein
notes
The coffee shop chain inked a lease for the Stuyvesant Town space.
  • Event Retail Leasing
  • Address 286 First Avenue
  • Neighborhood Stuyvesant Town
  • Borough Manhattan
  • Square feet 1,736
notes
The coffee chain renewed its lease in Stuyvesant Town.
  • 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 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 334 First Avenue
  • Neighborhood Stuyvesant Town
  • Borough Manhattan
  • Square feet 1,213
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
  • Publication Date 12/01/2011
  • Event Date 10/22/2011
  • Party 1 CWCapital Asset Management
  • Party 1 Brokerage Rose Associates
  • Party 1 Broker Bruce Spiegel, William Bergman
  • Party 2 H. Brickman & Sons
  • Party 2 Brokerage Newmark Grubb Knight Frank
  • Party 2 Broker Aaron Gurevich
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 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.
  • 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

07/01/2016
Maurice LeFrak had been a developer in France as early as the 1840s and his son, Aaron, carried the family business over to America, where he began developing in the early 1900s. His grandson, Samuel, developed his first building while still in college in 1938. And in the 1960s, the LeFrak Organization went on to build LeFrak City, a kind of Stuyvesant Town for Queens with 4,650 apartments spread among 20 buildings...

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...

03/24/2016
In 2015, lending boomed, with $64 billion in loans above $50 million, an analysis by TRD of NYC Department of Finance records showed. The Plaza District was the most active neighborhood for commercial loans, with more than $5.6 billion in secured debt. The bulk of the debt issued last year was for cash- flowing assets. Indeed, the 11,200-unit residential complex Stuyvesant Town and Peter Cooper claimed the largest loan at $2.7 billion...

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...

01/19/2016
In total, 15 city properties crossed the $1 billion threshold this year, including the Bank of America Tower at One Bryant Park; Boston Properties, Safra Group and Zhang Xin’s GM Building; and Stuyvesant Town, recently purchased for $5.3 billion by the Blackstone Group and Ivanhoe Cambridge, along with city landmarks like John F...

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
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 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...

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
Those types of cases were popular in the boom years of 2005 through 2007, when landlords were trying to move out large numbers of tenants from complexes such as Stuyvesant Town, or from several portfolios in Queens, with the hopes of bringing in new tenants paying higher rents...

11/30/2009
Tishman Speyer, which ironically is now dealing with its own distressed situation at Stuyvesant Town, bought the Chrysler Building in 1997 in conjunction with the Whitehall Fund, from a group of investors that included Jack Kent Cooke, the late sports team owner, for $220 million...

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...

...the strength 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...

...With the help of the $5.3 billion sale of Stuyvesant Town...

...combined with the sale of massive Manhattan complex Stuyvesant Town...