Wednesday, January 6, 2016

About those Stuy Town-Peter Cooper air rights that could fetch Blackstone $625 million

Well, you know that the Blackstone Group and Ivanhoe Cambridge's $5 billion-plus purchase of the Stuy-Town/Peter Cooper Village is in the books. (Mostly!)

Now Lois Weiss at the Post has more details about those air rights bandied about in previous sale discussions:

Blackstone has tucked away air rights that could be worth some $625 million.

While the majority of the air rights — roughly 1 million square feet — will be transferred somewhere over the city’s rainbow through a new entity, Blackstone also retained 250,000 feet of air rights within a Stuyvesant Town associated LLC.

These include 200,000 square feet for a community facility, 25,000 square feet for residential and 25,000 square feet for commercial use.

But before residents and elected officials freak out, Blackstone sources said the company is sticking with its promise and will not build anything else on site. The executives spoke on condition of anonymity and explained the deed filings merely divvied up the air rights between various entities.

Previously on EV Grieve:
Local politicos seek answers from the Blackstone Group on the Stuy Town air rights deal


Anonymous said...

There's no reason to expect real estate developers to stick with promises.

Anonymous said...

Rooftop Beer Store!

Anonymous said...

I agree with @4:08. Also, this is big business and big businesses do not operate on promises. Get it in writing.

Ken from Ken's Kitchen said...

What 4:08 PM said. Promises mean shit. Get it in writing.