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.
Photos courtesy of Stuyvesant Town
“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.
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.
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.”
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!
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.
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.
Stuyvesant Town Oval via Marianne O’Leary via photopin cc
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.
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.
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.