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.

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