Jan 29, 2010
Donald Trump, the real estate mogul and outspoken reality television personality, has set his sites on the massive apartment complex, Peter Cooper Village – Stuyvesant Town AKA ‘StuyTown’. The New York Post reports that Trump is seeking to either buy or manage the complex.
StuyTown is a large private residential development in the East Side of the borough of Manhattan in New York City. It was planned in 1943 and its first tenants, two World War II veterans and their families, moved into the first completed building in 1947.
Today, StuyTown is a sprawling collection of red brick apartment buildings stretching from First Avenue to Avenu C, between 14th and 23rd Streets. It cover about 80 acres of land – its huge! In 1947, rents ranged from $50 to $91 per month. Curent rents are between $2850+ for a one bedroom apartment to $7000+ for a 5 bedroom.
Tishman and BlackRock bought StuyTown in 2006 for $5.4 billion. On January 24, 2010 Tishman and BlackRock were forced to give up control of the properties to creditors in order to avoid bankruptcy of the site. So, it’s now up for Grabs.
Trump says, “People have asked us if we would get involved in running it or buying it. We are looking at it right now very seriously…No one has a better track record running properties”
Meanwhile, Boston-based WinnCompanies, the United States’ eighth-largest apartment manager, is also vying to be StuyTown’s property manager. And, there are others interested as well such as Rose Associates and Prudential Douglas Elliman.
Looks like StuyTown is headed for a good old fashion bidding war – one that’s gonna take some very deep pockets to participate in.