Blackstone, Ivanhoé Close on $5.3B Largest Mixed-Use in History
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After signing the deals in October—and securing a $2.7B Fannie Mae loan earlier this month—Blackstone and Ivanhoé Cambridge just finalized the massive $5.3B acquisition of New York's Stuyvesant Town-Peter Cooper Village.
It was the largest single-asset real estate deal since 2006, when the same complex sold for $5.4B. Eastdil Secured’s Doug Harmon brokered the deal.
The last remaining roadblock was resolved once CMBS lenders withdrew their lawsuit filed against the seller CWCapital, clearing the way for the deal to conclude.
A major source of affordable middle-class housing in Manhattan, the city signed a deal with Blackstone to keep a 20-year lid on rent on 5,000 units in exchange for $225M in public backing of the deal.
Blackstone's head of real estate Jon Gray—whose fund's been on a tear this year—said the firms would continue the mission for the 11,200-unit complex.