New York, NY - Paul Hastings LLP, a leading global law firm, announced today that the firm advised Ivanhoe Cambridge in a deal to purchase the Stuyvesant Town-Peter Cooper Village apartment complex in New York City from owners managed by CWCapital Asset Management LLC. The transaction includes agreements with the City to preserve a portion of the project for affordable housing.
A joint venture between The Blackstone Group LP, through its Blackstone Property Partners fund, and Ivanhoe Cambridge agreed to purchase the property which has been managed by CWCapital since the prior owner defaulted on $3 billion of mortgage indebtedness in 2010. Developed as housing for post-World War II veterans, the complex includes 110 buildings spread over an 80-acre site that includes playgrounds and parkland. It houses more than 30,000 residents.
The Paul Hastings team, led by real estate partner Mark Eagan, also included funds partner Larry Hass and real estate associates Adam McGovern, Lynn Feng and Max Patinkin.
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