Blackstone Said To Be In Bid For Stuyvesant Sale

(RTTNews) - Manhattan's Stuyvesant Town-Peter Cooper Village apartment complex, home to about 30,000 New Yorkers, is getting ready for a sale, with Blackstone Group LP (BX) among the suitors seeking to purchase it, Bloomberg reported.

The 80-acre property is expected to fetch $5 billion to $6 billion. Tishman Speyer and BlackRock Inc. relinquished the property in 2010, after its value deteriorated sharply in the financial crisis and they were unable to increase rents.

Since then, loan servicer CWCapital Asset Management has been controlling the property for bondholders. It has now hired Eastdil Secured LLC to advise on the sale.

The report added that bid by Blackstone is not certain. Other bidders are also trying to take part in the sale.