Stuyvesant Town

In win for Stuy Town tenants, Blackstone drops challenge to rent stabilization

Image courtesy of Billie Grace Ward on Flickr

February 26, 2024

In win for Stuy Town tenants, Blackstone drops challenge to rent stabilization

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Every apartment in Stuyvesant Town-Peter Cooper Village is now permanently rent-stabilized. Owner Blackstone Group on Saturday withdrew its appeal of a court ruling last year that found deregulating apartments within Manhattan's largest apartment complex was unlawful. Blackstone, which purchased the 11,200-unit complex in 2015 with plans to charge market-rate rents for half of the apartments, cited its "unwavering commitment" to Stuy Town tenants as the reason for its withdrawal, according to Gothamist.
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Stuy Town tenants win lawsuit to keep apartments rent stabilized

Image via WikiCommons

January 9, 2023

Stuy Town tenants win lawsuit to keep apartments rent stabilized

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More than 6,000 apartments at Manhattan's largest apartment complex will remain rent-regulated after a judge last week ruled in favor of Stuyvesant Town-Peter Cooper Village tenants. State Supreme Court Justice Robert Reed determined Stuy Town landlord Blackstone Group's attempt to deregulate the apartments was unlawful, becoming the first major tenant-led effort against developers that tested the integrity of the state's 2019 Housing Stability and Tenant Protection Act.
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Popular Italian restaurant Rosemary’s has a new location in Stuyvesant Town
May 4, 2021

Popular Italian restaurant Rosemary’s has a new location in Stuyvesant Town

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The West Village's popular Italian restaurant Rosemary's opened a second NYC location in Stuyvesant Town today. Rosemary's opened on Greenwich Avenue in 2012 and quickly became a neighborhood favorite due in part to its rooftop garden that provides produce for the menu. The huge new outpost, at 350 First Avenue at East 20th Street, will have a 120- seat dining room, 50-person wine bar, 30-seat private dining room, and a 100-seat sidewalk cafe overlooking a planned community garden.
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New affordable housing lottery launches at StuyTown, one-bedrooms from $1,200/month

Photo via Stuyvesant Town

March 2, 2021

New affordable housing lottery launches at StuyTown, one-bedrooms from $1,200/month

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From today until March 31st, New Yorkers earning 165 percent of the area median income can apply for a new set of affordable apartments at StuyTown. The available units start at $1,200/month for one-bedrooms, $1,400/month for two-bedrooms, and $1,800/month for three-bedrooms. They're located in both Stuyvesant Town and Peter Cooper Village and, of course, come with perks like the complex's plethora of outdoor space, amenity package, and prime East Village/Gramercy location.
Find out if you qualify
Tenants at Stuy Town sue Blackstone in anticipation of rent increases this summer

Photo by Kelly on Wiki Commons

March 5, 2020

Tenants at Stuy Town sue Blackstone in anticipation of rent increases this summer

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When Blackstone and Ivanhoé Cambridge bought Stuy Town for $5.3 billion in 2015, they reached a deal with the city that would allow them to deregulate and raise rents on 6,200 rent-regulated units beginning in July 2020. On Wednesday, tenants filed a lawsuit to block Blackstone from going forward with the rent hikes, The Real Deal reports. As part of the original agreement, the city allowed Blackstone to cap rent increases at 5 percent each year, which is considerably more than the 1.5 percent outlined in last year's new rent laws. The lawsuit argues that this conflict should require Blackstone to adjust the agreement in accordance with the new law.
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Stuy Town’s new affordable housing lottery caters to those earning six-figures

Photo by Kelly on Wiki Commons

February 12, 2020

Stuy Town’s new affordable housing lottery caters to those earning six-figures

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A single person earning $123,000 a year is probably not what you'd consider an appropriate candidate for affordable housing, but the new 2020 waitlist at Stuyvesant Town and Peter Cooper Village is set for households earning 165 percent of the area median income. Under those guidelines, $2,985/month one-bedrooms are reserved for individuals earning between $89,550 and $123,255 annually, up to three-person households earning between $89,550 and $158,565. The $3,745/month two-bedrooms are set aside for two-person households earning $112,350 to $140,910 up to five-person households earning $112,350 to $190,245.
Want to apply?
Blackstone shifts course and commits to renting all vacant, affordable units at Stuy Town

Photo by Kelly on Wiki Commons

September 9, 2019

Blackstone shifts course and commits to renting all vacant, affordable units at Stuy Town

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Blackstone Group has apparently shifted course and is now renovating and leasing all vacant units at Stuyvesant Town. This comes after the landlord faced criticism following revelations that the company has been keeping  20 to 50 percent of rent-regulated apartments at Stuy Town empty in reaction to the city's new rent laws. It didn't take long for authorities, including Mayor Bill de Blasio, to express concern over the findings. On Friday, a spokesperson for Blackstone told Gothamist, “We are renovating and leasing all vacant units, and we will continue to fulfill our commitment to voluntarily preserve 5,000 affordable apartments.”
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Blackstone leaves dozens of rent-stabilized Stuy Town apartments empty

Image via Flickr

August 28, 2019

Blackstone leaves dozens of rent-stabilized Stuy Town apartments empty

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Sources told The Real Deal that Blackstone Group is keeping 20 to 50 rent-stabilized apartments at Stuyvesant Town and Peter Cooper Village vacant, following state rent law changes that will impede the landlord's ability to raise rents through renovations. 6sqft reported last month that Blackstone—who purchased the massive 11,000+ unit apartment complex in partnership with Ivanhoe Cambridge for $5.5 billion in 2015—had stopped all non-urgent renovations and other planned work at Stuy Town and Peter Cooper Village as a result of the new rent laws.
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Blackstone halts improvement work on Stuy Town apartments following rent law changes

Via StuyTown Property Services

July 15, 2019

Blackstone halts improvement work on Stuy Town apartments following rent law changes

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As 6sqft reported last month, the state recently passed legislation containing landmark changes to rent regulations that were set to expire, significantly strengthening New York’s rent laws and tenant protections. Private-equity giant Blackstone Group, who purchased the massive 11,000+ unit Stuyvesant Town and Peter Cooper Village apartment complex for $5.5 billion in 2015, is among landlords who say the new rent regs will keep them from making important property upgrades, Crain's reports. Blackstone says it is pausing apartment renovations and other planned work at Stuy Town and Peter Cooper Village as a result of rule changes which dramatically limit the allowable rent increases landlords can charge as a result of renovations and repairs.
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Latest StuyTown lottery provides ‘affordable’ apartments for single people earning $120K

Via StuyTown Property Services

March 5, 2019

Latest StuyTown lottery provides ‘affordable’ apartments for single people earning $120K

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You're a single New Yorker earning over $120,000 a year--do you really need subsidized housing? Apparently, yes. And apparently, a $2,975/month one-bedroom or a $3,695/month two-bedroom is now considered "affordable." These are the benchmarks for Stuyvesant Town and Peter Cooper Village's 2019 affordable housing lottery, which opens the waitlist for one- and two-bedroom units to households earning 165 percent of the area median income.
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Latest StuyTown affordable housing lottery opens, rents from $1,462/month

Via StuyTown Property Services

September 13, 2018

Latest StuyTown affordable housing lottery opens, rents from $1,462/month

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A lottery launched this week for newly available apartments at Stuyvesant Town and Peter Cooper Village in the East Village. New Yorkers earning 80 and 165 percent of the area median income (or between $43,860 and $268,620 annually) can apply for the available units, which range from $1,462/month studios to $5,508/month five-bedrooms. As Manhattan's largest rental community, StuyTown includes a 24-hour on-site property manager, laundry, a cafe, children's playroom, a fitness center and shared outdoor space across 80 acres.
Find out if you qualify
New middle-income lottery launches at Stuyvesant Town with apartments from $2,889 a month

Stuyvesant Town via StuyTown Property Services

January 17, 2018

New middle-income lottery launches at Stuyvesant Town with apartments from $2,889 a month

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A new housing lottery has just been launched at Stuyvesant Town/Peter Cooper Village. Households earning $86,670-$170,115/year are eligible to apply for one-bedrooms for $2,889/month and two-bedrooms for $3,543/month. Those who applied last year don't need to apply again; their names are already on a waiting list–though it's likely a long one; 6sqft previously noted that a 2016 waitlist for the downtown apartment complex stretched to 15,000 people. The deadline to apply for the new lottery is February 21, 2018.
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Report claims Mayor de Blasio inflated benefits of Stuyvesant Town sale to preserve affordable housing

Photo courtesy of Stuy Town

January 5, 2018

Report claims Mayor de Blasio inflated benefits of Stuyvesant Town sale to preserve affordable housing

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The sprawling Stuyvesant Town complex on Manhattan's east side is no stranger to controversy and drama, and here's some more to add to the list. The city’s budget watchdog agency is saying that Mayor de Blasio’s office inflated the benefits of a deal to keep affordable housing at the complex in exchange for $220 million in taxpayer subsidies, according to the Daily News. This is based off the highly-publicized 2015 sale of Stuy Town, the biggest single deal done under de Blasio’s affordable housing plan. But a new report by the Independent Budget Office believes the city is getting less from the complex sales agreement than it claimed.
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StuyTown will be Manhattan’s largest solar power producer after $10M rooftop panel investment
November 8, 2017

StuyTown will be Manhattan’s largest solar power producer after $10M rooftop panel investment

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The new owners of the massive East Village residential complex now known as StuyTown plan to spend over $10 million to install 10,000 solar panels on 56 buildings in the complex, the Wall Street Journal reports. Blackstone Group and Canadian investment firm Ivanhoé Cambridge bought the storied complex for $5.3 billion in October 2015. As 6sqft previously reported, the solar investment is part of an effort by Blackstone, one of the world's largest private equity firms, to generate energy cost savings in its global commercial real estate portfolio. The panels will provide enough power for about 1,000 apartments each year–about nine percent of the units in the 80-acre complex–which Blackstone says will triple Manhattan's solar power generating capacity and make it the largest private multifamily solar installation in the U.S.
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Stuyvesant Town goes green: How the 70-year-old complex is reinventing itself in a modern age

Photos courtesy of Stuyvesant Town

August 16, 2017

Stuyvesant Town goes green: How the 70-year-old complex is reinventing itself in a modern age

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"Think of us as a 1947 Cadillac retrofitted with a Tesla engine," says Marynia Kruk, Stuyvesant Town and Peter Cooper Village's Community Affairs Manager. Though the 80-acre residential complex's 110 red brick, cruciform-shaped buildings were constructed 70 years ago this month, their imposing facades are hiding an intense network of systems that, since 2011, have allowed the development to reduce its on-site carbon emissions by 6.8 percent, equal to over 17 million pounds of coal saved. To put this in perspective, that's roughly the same savings as 3,000 drivers deciding to bike or take the train for an entire year or planting a forest of 400,000 trees. This massive sustainability push, along with new ownership (Blackstone Group and Canadian investment firm Ivanhoe Cambridge bought the complex for $5.3 billion in October 2015), updated amenities, and an affordable housing commitment, is driving Manhattan's largest apartment complex into the future, and 6sqft recently got the inside scoop from CEO and General Manager Rick Hayduk and Tom Feeney, Vice President of Maintenance Operations, who is spearheading the green initiative.
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New Stuyvesant Town lottery opens for middle-income units from $2,805/month
February 6, 2017

New Stuyvesant Town lottery opens for middle-income units from $2,805/month

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It's been almost a year since Stuyvesant Town opened a 15,000-name wait list for its affordable apartments, and they've now launched another lottery, this time for households earning between $84,150 and $149,490 annually. The availabilities are spread throughout Stuy Town and Peter Cooper Village and include $2,805/month one-bedrooms and $3,366/month two-bedrooms.
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Apply for One of Stuyvesant Town’s Affordable Apartments, Starting at $1,200/Month
March 1, 2016

Apply for One of Stuyvesant Town’s Affordable Apartments, Starting at $1,200/Month

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When news broke back in October that Blackstone Group had partnered with Canadian investment firm Ivanhoe Cambridge to buy Stuyvesant Town and Peter Cooper Village for $5.45 billion, one of the most talked about parts of the deal was that it would reserve 5,000 units of affordable housing for 20 years, 4,500 of which will be for middle-income families and 500 for low-income families. Starting today, qualifying New Yorkers can apply for one of these apartments, reports to DNAinfo. Through March 31st, the housing lottery will accept up to 15,000 names for the waitlist. They'll be entered into a randomized computer system that will assign a number to each applicant, and as more apartments open up, people will be contacted to move in. The units range from $1,210/month studios for persons earning between $36,300 and $48,400 annually to $4,560/month five-bedrooms for families of five to 10 making between $136,800 and $210,870.
See the full breakdown ahead
Blackstone’s Purchase of Stuy Town Includes $625M in Air Rights

Photo via Wiki Commons

January 6, 2016

Blackstone’s Purchase of Stuy Town Includes $625M in Air Rights

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Photo via Wiki Commons Less than three months ago, the Blackstone Group and Ivanhoe Cambridge's colossal purchase of Stuyvesant Town and Peter Cooper Village went public. At the time, it was revealed that as part of the $5.46 billion deal Blackstone would reserve 4,500 of the complex's 11,200 apartments for middle-income families for the next 20 years, with an additional 200 units set aside for low-income tenants. But what's just come to light is the $625 million worth of air rights that came along with the buy. The majority of the roughly one million square feet will be transferred elsewhere, but about 250,000 square feet will remain within Stuy Town. As the Post first reported, "These include 200,000 square feet for a community facility, 25,000 square feet for residential and 25,000 square feet for commercial use."
More details this way
October 21, 2015

POLL: Will the Sale of Stuy Town to Blackstone Make It a More or Less Desirable Place to Live?

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The hot topic right now in the real estate world is undoubtedly the $5.3 billion sale of Stuyvesant Town to the Blackstone Group and Canadian investment firm Ivanhoe Cambridge. Aside from the huge sum and the fact that the apartment complex has been long-plagued, what makes this deal so huge is that the new owners agreed to […]

Blackstone Buys Stuy Town for $5.3 Billion, Will Preserve Affordable Housing
October 20, 2015

Blackstone Buys Stuy Town for $5.3 Billion, Will Preserve Affordable Housing

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The saga of Stuyvesant Town continues. The Real Deal reports that the Blackstone Group has partnered with Canadian investment firm Ivanhoe Cambridge to buy Stuy Town and Peter Cooper Village for $5.3 billion, just slightly under 2006's $5.4 billion sale. Currently, more than half of the 11,200 apartments in the long-plagued complex (which was built under Robert Moses as affordable housing for veterans returning from WWII) are market rate. And as TRD notes, "As part of the new agreement with the city, Blackstone will reserve 4,500 units at the complex for middle-income families for the next 20 years... An additional 500 units will be slated for low-income families, and Blackstone will not attempt a condominium conversion at the complex." In order to keep the affordable units, the city will provide $225 million in funding; give Blackstone a $144 million low-interest loan through the Housing Development Corporation; and waive $77 million in taxes.
Find out more about the deal
<b>Towers in the Park: Le Corbusier’s Influence in NYC</b>

Stuyvesant Town Oval via Marianne O’Leary via photopin cc

November 19, 2014

Towers in the Park: Le Corbusier’s Influence in NYC

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Any architecture history student or design nerd knows about Le Corbusier (1887-1965), one of the founders of modern architecture and a truly one-of-a-kind urban planner. For those of you who aren't as familiar with Charles-Édouard Jeanneret-Gris (his given name; he was French-Swiss), one of his most noteworthy urban ideas was concept of "towers in the park." Part of his Contemporary City plan (and later Radiant City plan) to house three million inhabitants as a way to deal with overcrowding and slums, towers in the park were skyscrapers set in large, rectangular tracts of lands with open space between the buildings. Whether they were consciously influenced by Le Corbusier or not, many projects in New York City mimic his vision of towers in the park, and we've decided to take a look at the most well known of this architectural crop, as well as some other ways the famous architect left his mark on NYC.
Take a look at NYC's towers in the park
This Charming Gramercy Park Pied-a-Terre Glows with a Stunning Skylight
September 12, 2014

This Charming Gramercy Park Pied-a-Terre Glows with a Stunning Skylight

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If you’re looking for a pied-a-terre in the coveted historic Gramercy Park, you’re in luck. An adorable one-bedroom penthouse at 206 East 18th Street has just popped up on the market, and it’s the perfect setting for anything from dinner parties to book club. This charming pad won us over with a lovely skylit living room, so we had to take a look inside to see what else it has in store.
Take a look inside the cozy pad, here
Stuyvesant Square: Not Gramercy Park Nor Stuyvesant Town
August 22, 2014

Stuyvesant Square: Not Gramercy Park Nor Stuyvesant Town

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That's right--Stuyvesant Square is its own neighborhood. Haven't heard of it? That may be because you've been confusing it with neighboring Gramercy Park or Stuyvesant Town. But in fact, this charming little neighborhood is a highly desirable enclave in its own right. Situated around Stuyvesant Square Park, the area is bound roughly by 14th and 18th Streets and First and Third Avenues. It could be considered the southeastern corner of Gramercy Park or an extension of planned development Stuyvesant Town, but some real estate professionals like the exclusivity that the lesser-known moniker offers. Others have come up with creative alternatives like "Gramercy Park on Stuyvesant Square." But regardless of what you call it, Stuyvesant Square has a unique blend of limited space, historic landmarks, and mixed uses that makes for a bustling New York City neighborhood.
More on Stuyvesant Square here
Amazing NYC Office Interiors That Inspire and Promote Innovation
August 18, 2014

Amazing NYC Office Interiors That Inspire and Promote Innovation

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Workplace designers are always trying to find new ways to make offices a more inspiring and productive place, especially for professional creatives. A beautiful work space can keep employees excited when they clock in every day, and make sure that the water cooler talk is about new ideas, not the shoddy carpet. These new NYC offices are pretty to look at and to work in.
See our gallery of amazing workplaces here
Real Estate Wire: Puff Daddy Price Chops His Park Imperial Haven; More New Yorkers Installing Solar Panels
August 11, 2014

Real Estate Wire: Puff Daddy Price Chops His Park Imperial Haven; More New Yorkers Installing Solar Panels

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Puff Daddy, P. Diddy, Sean Combs—whatever you want to call him—has re-listed his 2,292-square-foot Park Imperial loft for $7.9M. The new listing sees a $500K price reduction. [Curbed] New York is lagging other major cities in its pace of residential construction. Permits for 17,995 new housing units were issued in 2013—a little more than half […]

NYC Trying to Preserve Low Rents in Stuy Town, Asks CWCapital Asset Management to Hold Off on Sale

Photo via Wiki Commons

June 13, 2014

NYC Trying to Preserve Low Rents in Stuy Town, Asks CWCapital Asset Management to Hold Off on Sale

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Photo via Wiki Commons Here we go again. Stuyvesant Town and Peter Cooper Village on Manhattan’s east side have a long history of being an affordable option for middle-income workers. But these days its hold on that place in the city’s housing landscape appears tenuous at best. Though rent-stabilizations laws have been in effect for many units and about half are below-market rates, the remainder is comprised of luxury apartments, with one-bedroom units fetching as much as $2,900 a month, more than double the rate in 2006 when nearly ¾ of the units were below market. And with the property poised to sell for billions of dollars, the trend towards more luxury rentals seems likely.
More on the city's plan to keep rents low
And the Cycle Continues: Stuy Town Ownership to Change Hands Again

Photo via Wiki Commons

May 14, 2014

And the Cycle Continues: Stuy Town Ownership to Change Hands Again

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It looks like Stuyvesant Town-Peter Cooper Village may be headed back to auction. Manhattan’s largest rental community is no stranger to the game of musical chairs that their owners have been inadvertently playing. The complex, comprised of 80 acres, 110 buildings, and 11,231 units between 14th and 23rd Streets, has had an interesting decade. It sold to Tishman Speyer Properties and BlackRock for a record $5.4 billion at the height of the real estate boom in 2006. Despite being accused of trying to push out lower income residents with high prices, they actually defaulted on their loan in 2010. Ownership of the property was transferred to the lenders, represented by CWCapital.
Drama in Stuy Town
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