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Blackstone Secures $625M Of Air Rights


Blackstone secured $625M of air rights as part of its historic $5.4B purchase of Manhattan's Stuyvesant Town ($4.1B) and Peter Cooper Village ($1.4B).

The private equity giant will keep 250,000 feet of air rights within a Stuy Town associated LLC, which breaks down to 200k SF for a community facility, 25k SF for residential and 25k SF for commercial use.

Blackstone execs will divvy out the roughly 1M SF of the main tranche to possible receiving sites, which could go for $500 per foot or more, depending on ultimate location, the New York Post reports.

Despite securing the lucrative air rights, Blackstone sources tell the Post it would stick with its promise not to build anything else new in the area. [NYP]