Peter Cooper Village

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Peter Cooper Village

360 First Avenue

Rental in Stuyvesant Town

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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

By Aaron Ginsburg

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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Affordable Housing

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

By Aaron Ginsburg

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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November 8, 2017

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

By Michelle Cohen

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

By Dana Schulz

"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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March 1, 2016

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

By Dana Schulz

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.
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Affordable Housing

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

By Dana Schulz

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."
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Real Estate Trends

October 20, 2015

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

By Dana Schulz

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.
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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

By Stephanie Hoina

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

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