Implode-o-Meter News - Blackstone to Buy Manhattan's Stuyvesant Town for $5.3 Billion

Blackstone and Canada's Ivanhoe Cambridge Inc. will acquire the 80-acre (32-hectare) enclave for about $5.3 billion, the companies and city officials said Tuesday. That's just under the record $5.4 billion that prior owners Tishman Speyer and BlackRock Inc. paid almost nine years ago before walking away from the mortgage in 2010, marking one of the biggest collapses following the last decade's real estate boom.
The sale ends five years of uncertainty over ownership of the complex, home to about 30,000 residents and traditionally a housing haven for middle-class New Yorkers. The deal includes an agreement that would keep almost half of the more than 11,000 apartments affordable for 20 years. For Blackstone, it extends a push into owning rentals and makes it one of the largest residential landlords in Manhattan.

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Blackstone to Buy Manhattan's Stuyvesant Town for $5.3 Billion