NEW YORK CITY—A partnership led by Blackstone Group has reached an agreement to purchase Stuyvesant Town-Peter Cooper Village in a deal valued at $5.3 billion. The seller was CWCapital Asset Management.
Blackstone and Canadian investment firm Ivanhoe Cambridge will pay just under the $5.4 billion Tishman Speyer and BlackRock had agreed to pay back in 2006 for the middle-income housing complex, but defaulted on the deal four years later. Ivanhoe Cambridge is the real estate arm of Canadian pension fund Caisse de Depot et Placement du Quebec.
The sale of the 80-acre property also includes approximately $225 million in tax breaks offered by New York City in order to keep over half of the more than 11,000 apartments affordable for 20 years.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
