Most New Yorkers find Stuyvesant Town to be easily recognizable. Nestled away in Manhattan, with Gramercy to the west, The Lower east side to the south and the East River, well to the east, this post WWII complex serves as workplace and home for many, like David Smith an electrician, and Dana, Marcia, and Jessica old and new residents.
The busy, but quiet neighborhood is abuzz with recent news of the 65-year-old complex receiving a new owner. The Blackstone Group purchased the 80 acres of property for $5.3 billion backed by Fannie Mae in the form of a $2.7 billion credit. The news brings up memories and desired changes since Tishman Speyer gained ownership 9 years prior.
Mayor Deblasio guaranteed 5000 affordable units. 500 of the 5000 will be reserved to families making under $62,000 annually. The other 4,500 units will be for families making up to $128,000 a year. An additional 1,400 units now have their rents regulated until 2025. Dana, Marcia, and Jessica all qualify for these types of apartments. And according to StuyTown they shouldn’t expect to see any increases due to Rent Stabilization Laws agreed to in their leases.