Pursuits
Blackstone to Buy Manhattan's Stuyvesant Town for $5.3 Billion
- Agreement made to keep about 5,000 of the units affordable
- Ownership of complex had been in limbo since 2010 default
Blackstone Said to Pay $5.3B for Stuyvesant Town
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Blackstone Group LP is leading a deal to buy New York’s Stuyvesant Town-Peter Cooper Village, a transaction that would put Manhattan’s biggest apartment complex in the hands of the world’s largest private equity firm and maintain some affordable housing at the property.
Blackstone and Canada’s Ivanhoe Cambridge Inc. will acquire the 80-acre (32-hectare) enclave for about $5.3 billion, the companies and city officials said Tuesday. That’s just under the record $5.4 billion that prior owners Tishman Speyer and BlackRock Inc. paid almost nine years ago before walking away from the mortgage in 2010, marking one of the biggest collapses following the last decade’s real estate boom.