NEW YORK CITY—Blackstone—through funds it manages on behalf of its real estate investors—and Ivanhoé Cambridge have closed on their previously announced acquisition of Peter Cooper Village Stuyvesant Town. Despite previous reports, GlobeSt.com has confirmed that the sale was done at the record-setting price of $5.45 billion.
Eastdil Secured's Doug Harmon acted as the exclusive advisor in the transaction.
As part of the transaction, a long-term affordability program has been established to protect 5,000 below-market units, ensuring they remain affordable to moderate and middle-income families for at least the next 20 years. The agreement also offers new protections for roughly 1,400 "Roberts" units.
"We are proud to have entered into long-term partnership with the PCVST community and the city of New York," says Jon Gray, global head of real Estate for Blackstone. "We look forward to working together with them to preserve what makes this community so special."
Adds Daniel Fournier, chairman and CEO of Ivanhoé Cambridge, "We are honored to share with Blackstone the responsibility of the future of PCVST. This investment is a win-win for the community of 30,000 residents, for our investors and for New York."
PCVST has a combined total of over 11,200 apartments in 56 residential buildings across 80 acres of land.
Blackstone has received feedback from thousands of tenants over the past few months and intends to make additional announcements based on those conversations early in the New Year.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
