Blackstone

Manhattan’s first-ever film and TV studio coming to Pier 94

Renderings courtesy of Sunset Studios

August 30, 2023

Manhattan’s first-ever film and TV studio coming to Pier 94

Vornado Realty Trust is joining forces with industry giants Blackstone and Hudson Pacific Properties to transform Manhattan's Pier 94 into the borough's first-ever major TV and film studio production complex. Work is expected to begin later this year on the 266,000-square-foot campus, known as Sunset Pier 94 Studios, which will include six soundstages, offices, a writers' room, and public amenities along Manhattan's West Side, according to the Wall Street Journal. The $350 million project could be completed by the end of 2025.
Learn more about Manhattan's first film studio

Architecture And Design

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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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

Blackstone

Manhattan’s first-ever film and TV studio coming to Pier 94

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

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

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

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

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

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