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