Stuy Town Deal Closes at Record Price
ByRegistration now open! Meet the people leading the sector at RealShare Net Lease. The Convene, Midtown East, in New York. April 12-13. Room block available.
PCVST has over 11,200 apartments in 56 residential buildings across 80 acres of land.
NEW YORK CITY—Blackstone—through funds it manages on behalf of its real estate investors—and Ivanhoé Cambridge have closed on their previously announced acquisition of Peter Cooper Village Stuyvesant Town. Despite previous reports, GlobeSt.com has confirmed that the sale was done at the record-setting price of $5.45 billion.
Eastdil Secured‘s Doug Harmon acted as the exclusive advisor in the transaction.
As part of the transaction, a long-term affordability program has been established to protect 5,000 below-market units, ensuring they remain affordable to moderate and middle-income families for at least the next 20 years. The agreement also offers new protections for roughly 1,400 “Roberts” units…
