Ivanhoe Cambridge

January 9, 2023

Stuy Town tenants win lawsuit to keep apartments rent stabilized

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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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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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."
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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.
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Ivanhoe Cambridge

Stuy Town tenants win lawsuit to keep apartments rent stabilized

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

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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