By Sabina Mollot
On Friday, Blackstone and Ivanhoé Cambridge announced that they closed on the $5.3 billion deal to purchase Stuyvesant Town and Peter Cooper Village. This means that the companies have assumed ownership and CWCapital, the special servicer since 2010, no longer has any ownership interests in the property.
“We are proud to have entered into long-term partnership with the PCVST community and the City of New York,” said Jon Gray, Global Head of Real Estate for Blackstone, in an official statement. “We look forward to working together with them to preserve what makes this community so special.”
Daniel Fournier, chairman and CEO of Ivanhoé Cambridge said, “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.”
The deal, touted as “the mother of all preservation deals,” by Mayor Bill de Blasio, will preserve affordability at 5,000 of the complex’s apartments for the next 20 years. There are also some protections for the 1,400 “Roberts” tenants while for market rate residents, the deal maintains the status quo.