When Blackstone and Ivanhoé Cambridge bought Stuy Town for $5.3 billion in 2015, they reached a deal with the city that would allow them to deregulate and raise rents on 6,200 rent-regulated units beginning in July 2020. On Wednesday, tenants filed a lawsuit to block Blackstone from going forward with the rent hikes, The Real Deal reports. As part of the original agreement, the city allowed Blackstone to cap rent increases at 5 percent each year, which is considerably more than the 1.5 percent outlined in last year’s new rent laws. The lawsuit argues that this conflict should require Blackstone to adjust the agreement in accordance with the new law.
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Blackstone Group has apparently shifted course and is now renovating and leasing all vacant units at Stuyvesant Town. This comes after the landlord faced criticism following revelations that the company has been keeping 20 to 50 percent of rent-regulated apartments at Stuy Town empty in reaction to the city’s new rent laws. It didn’t take long for authorities, including Mayor Bill de Blasio, to express concern over the findings. On Friday, a spokesperson for Blackstone told Gothamist, “We are renovating and leasing all vacant units, and we will continue to fulfill our commitment to voluntarily preserve 5,000 affordable apartments.”
Image via Flickr
Sources told The Real Deal that Blackstone Group is keeping 20 to 50 rent-stabilized apartments at Stuyvesant Town and Peter Cooper Village vacant, following state rent law changes that will impede the landlord’s ability to raise rents through renovations. 6sqft reported last month that Blackstone—who purchased the massive 11,000+ unit apartment complex in partnership with Ivanhoe Cambridge for $5.5 billion in 2015—had stopped all non-urgent renovations and other planned work at Stuy Town and Peter Cooper Village as a result of the new rent laws.
Via StuyTown Property Services
As 6sqft reported last month, the state recently passed legislation containing landmark changes to rent regulations that were set to expire, significantly strengthening New York’s rent laws and tenant protections. Private-equity giant Blackstone Group, who purchased the massive 11,000+ unit Stuyvesant Town and Peter Cooper Village apartment complex for $5.5 billion in 2015, is among landlords who say the new rent regs will keep them from making important property upgrades, Crain’s reports. Blackstone says it is pausing apartment renovations and other planned work at Stuy Town and Peter Cooper Village as a result of rule changes which dramatically limit the allowable rent increases landlords can charge as a result of renovations and repairs.
Via StuyTown Property Services
You’re a single New Yorker earning over $120,000 a year–do you really need subsidized housing? Apparently, yes. And apparently, a $2,975/month one-bedroom or a $3,695/month two-bedroom is now considered “affordable.” These are the benchmarks for Stuyvesant Town and Peter Cooper Village’s 2019 affordable housing lottery, which opens the waitlist for one- and two-bedroom units to households earning 165 percent of the area median income.
Via StuyTown Property Services
A lottery launched this week for newly available apartments at Stuyvesant Town and Peter Cooper Village in the East Village. New Yorkers earning 80 and 165 percent of the area median income (or between $43,860 and $268,620 annually) can apply for the available units, which range from $1,462/month studios to $5,508/month five-bedrooms. As Manhattan’s largest rental community, StuyTown includes a 24-hour on-site property manager, laundry, a cafe, children’s playroom, a fitness center and shared outdoor space across 80 acres.
Report claims Mayor de Blasio inflated benefits of Stuyvesant Town sale to preserve affordable housing, Fri, January 5, 2018
Photo courtesy of Stuy Town
The sprawling Stuyvesant Town complex on Manhattan’s east side is no stranger to controversy and drama, and here’s some more to add to the list. The city’s budget watchdog agency is saying that Mayor de Blasio’s office inflated the benefits of a deal to keep affordable housing at the complex in exchange for $220 million in taxpayer subsidies, according to the Daily News. This is based off the highly-publicized 2015 sale of Stuy Town, the biggest single deal done under de Blasio’s affordable housing plan. But a new report by the Independent Budget Office believes the city is getting less from the complex sales agreement than it claimed.
The new owners of the massive East Village residential complex now known as StuyTown plan to spend over $10 million to install 10,000 solar panels on 56 buildings in the complex, the Wall Street Journal reports. Blackstone Group and Canadian investment firm Ivanhoé Cambridge bought the storied complex for $5.3 billion in October 2015. As 6sqft previously reported, the solar investment is part of an effort by Blackstone, one of the world’s largest private equity firms, to generate energy cost savings in its global commercial real estate portfolio. The panels will provide enough power for about 1,000 apartments each year–about nine percent of the units in the 80-acre complex–which Blackstone says will triple Manhattan’s solar power generating capacity and make it the largest private multifamily solar installation in the U.S.
It’s been almost a year since Stuyvesant Town opened a 15,000-name wait list for its affordable apartments, and they’ve now launched another lottery, this time for households earning between $84,150 and $149,490 annually. The availabilities are spread throughout Stuy Town and Peter Cooper Village and include $2,805/month one-bedrooms and $3,366/month two-bedrooms.
When news broke back in October that Blackstone Group had partnered with Canadian investment firm Ivanhoe Cambridge to buy Stuyvesant Town and Peter Cooper Village for $5.45 billion, one of the most talked about parts of the deal was that it would reserve 5,000 units of affordable housing for 20 years, 4,500 of which will be for middle-income families and 500 for low-income families. Starting today, qualifying New Yorkers can apply for one of these apartments, reports to DNAinfo.
Through March 31st, the housing lottery will accept up to 15,000 names for the waitlist. They’ll be entered into a randomized computer system that will assign a number to each applicant, and as more apartments open up, people will be contacted to move in. The units range from $1,210/month studios for persons earning between $36,300 and $48,400 annually to $4,560/month five-bedrooms for families of five to 10 making between $136,800 and $210,870.