Stuyvesant Town

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Stuyvesant Town

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Stuy Town tenants win lawsuit to keep apartments rent stabilized

Image via WikiCommons

January 9, 2023

Stuy Town tenants win lawsuit to keep apartments rent stabilized

By Aaron Ginsburg

More than 6,000 apartments at Manhattan's largest apartment complex will remain rent-regulated after a judge last week ruled in favor of Stuyvesant Town-Peter Cooper Village tenants. State Supreme Court Justice Robert Reed determined Stuy Town landlord Blackstone Group's attempt to deregulate the apartments was unlawful, becoming the first major tenant-led effort against developers that tested the integrity of the state's 2019 Housing Stability and Tenant Protection Act.
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Latest StuyTown affordable housing lottery opens, rents from $1,462/month

Via StuyTown Property Services

September 13, 2018

Latest StuyTown affordable housing lottery opens, rents from $1,462/month

By Devin Gannon

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.
Find out if you qualify

Affordable Housing

FREE RENT: This week’s roundup of NYC rental news

Images (L to R): New York By Gehry, The Pointe, The Addition and Jackson Park

June 23, 2018

FREE RENT: This week’s roundup of NYC rental news

By Ondel Hylton

Images (L to R): New York By Gehry, The Pointe, The Addition and Jackson Park Renting in New York’s Tallest Apartment Building, New York by Gehry [link] Live at The Maya from $1,795/Month; No Fee Rentals in Jamaica Estates [link] The Pointe Debuts in Rego Park with 1 Month Free; New Rentals from $1,962/Month [link] […]

Real Estate Trends

New middle-income lottery launches at Stuyvesant Town with apartments from $2,889 a month

Stuyvesant Town via StuyTown Property Services

January 17, 2018

New middle-income lottery launches at Stuyvesant Town with apartments from $2,889 a month

By Michelle Cohen

A new housing lottery has just been launched at Stuyvesant Town/Peter Cooper Village. Households earning $86,670-$170,115/year are eligible to apply for one-bedrooms for $2,889/month and two-bedrooms for $3,543/month. Those who applied last year don't need to apply again; their names are already on a waiting list–though it's likely a long one; 6sqft previously noted that a 2016 waitlist for the downtown apartment complex stretched to 15,000 people. The deadline to apply for the new lottery is February 21, 2018.
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Affordable Housing

Report claims Mayor de Blasio inflated benefits of Stuyvesant Town sale to preserve affordable housing

Photo courtesy of Stuy Town

January 5, 2018

Report claims Mayor de Blasio inflated benefits of Stuyvesant Town sale to preserve affordable housing

By Emily Nonko

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.
Get the scoop

November 8, 2017

StuyTown will be Manhattan’s largest solar power producer after $10M rooftop panel investment

By Michelle Cohen

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.
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Stuyvesant Town goes green: How the 70-year-old complex is reinventing itself in a modern age

Photos courtesy of Stuyvesant Town

August 16, 2017

Stuyvesant Town goes green: How the 70-year-old complex is reinventing itself in a modern age

By Dana Schulz

"Think of us as a 1947 Cadillac retrofitted with a Tesla engine," says Marynia Kruk, Stuyvesant Town and Peter Cooper Village's Community Affairs Manager. Though the 80-acre residential complex's 110 red brick, cruciform-shaped buildings were constructed 70 years ago this month, their imposing facades are hiding an intense network of systems that, since 2011, have allowed the development to reduce its on-site carbon emissions by 6.8 percent, equal to over 17 million pounds of coal saved. To put this in perspective, that's roughly the same savings as 3,000 drivers deciding to bike or take the train for an entire year or planting a forest of 400,000 trees. This massive sustainability push, along with new ownership (Blackstone Group and Canadian investment firm Ivanhoe Cambridge bought the complex for $5.3 billion in October 2015), updated amenities, and an affordable housing commitment, is driving Manhattan's largest apartment complex into the future, and 6sqft recently got the inside scoop from CEO and General Manager Rick Hayduk and Tom Feeney, Vice President of Maintenance Operations, who is spearheading the green initiative.
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March 1, 2016

Apply for One of Stuyvesant Town’s Affordable Apartments, Starting at $1,200/Month

By Dana Schulz

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.
See the full breakdown ahead

Affordable Housing

Blackstone’s Purchase of Stuy Town Includes $625M in Air Rights

Photo via Wiki Commons

January 6, 2016

Blackstone’s Purchase of Stuy Town Includes $625M in Air Rights

By Dana Schulz

Photo via Wiki Commons Less than three months ago, the Blackstone Group and Ivanhoe Cambridge's colossal purchase of Stuyvesant Town and Peter Cooper Village went public. At the time, it was revealed that as part of the $5.46 billion deal Blackstone would reserve 4,500 of the complex's 11,200 apartments for middle-income families for the next 20 years, with an additional 200 units set aside for low-income tenants. But what's just come to light is the $625 million worth of air rights that came along with the buy. The majority of the roughly one million square feet will be transferred elsewhere, but about 250,000 square feet will remain within Stuy Town. As the Post first reported, "These include 200,000 square feet for a community facility, 25,000 square feet for residential and 25,000 square feet for commercial use."
More details this way

Real Estate Trends

October 21, 2015

POLL: Will the Sale of Stuy Town to Blackstone Make It a More or Less Desirable Place to Live?

By Dana Schulz

The hot topic right now in the real estate world is undoubtedly the $5.3 billion sale of Stuyvesant Town to the Blackstone Group and Canadian investment firm Ivanhoe Cambridge. Aside from the huge sum and the fact that the apartment complex has been long-plagued, what makes this deal so huge is that the new owners agreed to […]

October 20, 2015

Blackstone Buys Stuy Town for $5.3 Billion, Will Preserve Affordable Housing

By Dana Schulz

The saga of Stuyvesant Town continues. The Real Deal reports that the Blackstone Group has partnered with Canadian investment firm Ivanhoe Cambridge to buy Stuy Town and Peter Cooper Village for $5.3 billion, just slightly under 2006's $5.4 billion sale. Currently, more than half of the 11,200 apartments in the long-plagued complex (which was built under Robert Moses as affordable housing for veterans returning from WWII) are market rate. And as TRD notes, "As part of the new agreement with the city, Blackstone will reserve 4,500 units at the complex for middle-income families for the next 20 years... An additional 500 units will be slated for low-income families, and Blackstone will not attempt a condominium conversion at the complex." In order to keep the affordable units, the city will provide $225 million in funding; give Blackstone a $144 million low-interest loan through the Housing Development Corporation; and waive $77 million in taxes.
Find out more about the deal

May 12, 2015

If Robert Moses Visited NYC Today, Here’s Where We’d Take Him

By Dana Schulz

If you have even the slightest interest in architecture, urban planning, and NYC history, you know Robert Moses. Unforgettably profiled as the "Power Broker" by Robert Caro, Moses was the "master builder" of mid-20th century New York and its environs. He was a larger-than-life character who had very set ways of approaching urban design. He advocated for highways over public transportation (he built 13 expressways through NYC), dense housing towers over low-scale neighborhoods, and communities segregated by race and class over organic, mixed-demographic areas. Of course, there are plenty of much-loved aspects of the city that also came from Moses–Jones Beach, the United Nations, and ten public swimming pools like the one in McCarren Park. Regardless of your feelings on Robert Moses, though, we can all agree that the city would not be the same without him. But a lot has changed since he lost his post as director of the Triborough Bridge and Tunnel Authority in the mid 1960s and even more so since he passed away in 1981. So we can't help but wonder what he would think of our fair city in 2015. To have a little fun, we planned a present-day tour for the ghost of Robert Moses.
See where we'd take the Power Broker here

<b>Towers in the Park: Le Corbusier’s Influence in NYC</b>

Stuyvesant Town Oval via Marianne O’Leary via photopin cc

November 19, 2014

Towers in the Park: Le Corbusier’s Influence in NYC

By Dana Schulz

Any architecture history student or design nerd knows about Le Corbusier (1887-1965), one of the founders of modern architecture and a truly one-of-a-kind urban planner. For those of you who aren't as familiar with Charles-Édouard Jeanneret-Gris (his given name; he was French-Swiss), one of his most noteworthy urban ideas was concept of "towers in the park." Part of his Contemporary City plan (and later Radiant City plan) to house three million inhabitants as a way to deal with overcrowding and slums, towers in the park were skyscrapers set in large, rectangular tracts of lands with open space between the buildings. Whether they were consciously influenced by Le Corbusier or not, many projects in New York City mimic his vision of towers in the park, and we've decided to take a look at the most well known of this architectural crop, as well as some other ways the famous architect left his mark on NYC.
Take a look at NYC's towers in the park

<b>Peter Stuyvesant’s NYC: From the Bouwerie Farm to That Famous Pear Tree</b>

Monument to Peter Stuyvesant in Stuyvesant Square via edenpictures via photopin

November 5, 2014

Peter Stuyvesant’s NYC: From the Bouwerie Farm to That Famous Pear Tree

By Dana Schulz

A few quick facts from New York City history 101: The island of Manhattan was originally settled by the Dutch, and therefore officially named New Amsterdam in 1625. It was part of the larger settlement of New Netherland. Pieter, or Petrus, Stuyvesant (we know him today as Peter) was the last Dutch Director-General of the colony of New Netherland from 1647 until it was ceded to the English in 1664. His work greatly influenced the city's expansion northward from the southern tip, and he was responsible for many major historic events, such as the erection of a protective wall on what is today Wall Street and the creation of a canal on today's Broad Street and Broadway. Now that it's November–the month when the city celebrates its Dutch heritage through 5 Dutch Days–we decided to take a look at the old stomping ground of General Stuyvesant, as well as his lasting legacy in the city today.
Read about Peter Stuyvesant's NYC

History

August 22, 2014

Stuyvesant Square: Not Gramercy Park Nor Stuyvesant Town

By Dana Schulz

That's right--Stuyvesant Square is its own neighborhood. Haven't heard of it? That may be because you've been confusing it with neighboring Gramercy Park or Stuyvesant Town. But in fact, this charming little neighborhood is a highly desirable enclave in its own right. Situated around Stuyvesant Square Park, the area is bound roughly by 14th and 18th Streets and First and Third Avenues. It could be considered the southeastern corner of Gramercy Park or an extension of planned development Stuyvesant Town, but some real estate professionals like the exclusivity that the lesser-known moniker offers. Others have come up with creative alternatives like "Gramercy Park on Stuyvesant Square." But regardless of what you call it, Stuyvesant Square has a unique blend of limited space, historic landmarks, and mixed uses that makes for a bustling New York City neighborhood.
More on Stuyvesant Square here

Real Estate Trends

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