- Associated Press - Saturday, December 19, 2015

NEW YORK (AP) - Manhattan’s largest apartment complex has been sold for $5.45 billion.

New York City officials have said the deal for Stuyvesant Town and Peter Cooper Village will preserve nearly half its 11,232 units for middle-class families.

The New York Times reported Saturday that a threatened lawsuit from a competing real estate firm to block the sale never materialized and the sale was finalized Friday.

The complex was sold to Blackstone and Ivanhoe Cambridge, a subsidiary of Canadian pension fund manager CDPQ.

Stuyvesant Town and Peter Cooper Village have housed middle-income New Yorkers since the 80-acre complex on Manhattan’s east side was built in 1947 for returning World War II veterans.

CW Capital Asset Management LLC has controlled the property since 2010.


Information from: The New York Times, https://www.nytimes.com

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