By Maria Rocha-Buschel
The Blackstone Group, owner of Stuyvesant Town-Peter Cooper Village along with Kips Bay Court and other properties in the city, will stop apartment renovations in Stuy Town as the firm considers the impact that the new rent regulations will have on their business.
Crain’s New York Business first noted the change earlier this month, citing a spokeswoman for Blackstone who said the company is “in the process of evaluating capital investments at Stuy Town.”
A source also noted that renovations on vacant apartments at the complex, which has more than 11,000 units, would halt, possibly in addition to larger construction projects on the property. It’s unclear if management is currently in the process of any major capital improvement (MCI) work. The source confirmed that legally-required repairs to fix leaks or hot water service will continue.
STPCV Tenants Association President Susan Steinberg said that she isn’t sure what precisely this change will mean for current tenants.