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Blackstone buys NY's Stuyvesant Town complex

Private equity firm, working with Canadian investor Ivanhoe Cambridge Inc, will pay about US$5.3b for the 32 hectare enclave

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A sale to Blackstone will end five years of uncertainty over ownership of the Stuyvesant Town-Peter Cooper Village complex, one of the last bastions of affordable housing for middle-class New Yorkers.

New York

BLACKSTONE Group LP reached an agreement to buy New York's Stuyvesant Town-Peter Cooper Village, a deal that would put Manhattan's biggest apartment complex in the hands of the world's largest private equity firm and maintain some affordable housing at the property.