POLL: Will the Sale of Stuy Town to Blackstone Make It a More or Less Desirable Place to Live?
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 preserve 5,000 of the 11,200 units as affordable housing. On the surface this sounds like a fool-proof plan, but many of Stuyvesant Town‘s long-time rent-regulated residents may not like the changes, and the newer generation of young professionals might now find themselves making too much to qualify for an available affordable unit. How do you think it’s going to play out? Vote in our poll and share your thoughts in the comments below!