Blackstone and CDPQ Set to Acquire Stuyvesant Town Complex
UPDATE on January 20, 2016: It is revealed that the State of Wisconsin Investment Board (SWIB) took a 10% stake in Stuyvesant Town and Peter Cooper Village. SWIB co-invested US$ 300 million alongside the Blackstone Group and Ivanhoé Cambridge.
Is residential real estate in Manhattan at a peak? Private equity giant Blackstone Group, through core real estate fund Blackstone Property Partners, and Ivanhoé Cambridge, the real estate unit of Caisse de dépôt et placement du Québec (CDPQ) are set to acquire Stuyvesant Town and Peter Cooper Village, a landmark redbrick complex of 11,241 apartments located on Manhattan’s east side. Stuyvesant Town and Peter Cooper Village, nicknamed Stuy Town, was built for World War II veterans, being developed by insurance giant MetLife in the 1940s with help from the city government. Over decades, the rent-controlled units were eventually converted to luxury rentals. The deal is expected to close by the end of December 2015, Blackstone and Ivanhoé Cambridge will assume ownership and management of Stuyvesant Town and Peter Cooper Village at that time.
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