Simpson Thacher is representing Blackstone in connection with its announced acquisition of Stuyvesant Town-Peter Cooper Village in partnership with Ivanhoé Cambridge, a subsidiary of Caisse de dépôt et placement du Québec. Stuyvesant Town-Peter Cooper Village is an 80-acre enclave in Manhattan which houses over 11,000 apartments.
Blackstone and Ivanhoé Cambridge also agreed to terms on an agreement with New York City officials to assure that 5,000 apartments in the complex will remain affordable to middle and low income residents for a 20-year term in exchange for certain transaction tax exemptions and loans.
The Simpson Thacher team included Greg Ressa, Scott Kobak, Alison Ando, Justin Vilinsky, Julie Lee, Elliot Schwab and Rachel Stein (Real Estate); Nancy Mehlman and Devin Heckman (Tax); Gregory Grogan, Andrew Blau, Jeanne Annarumma and Andrew Kofsky (Executive Compensation and Employee Benefits); Adeeb Fadil (Environmental); and Jonathan Karen, Shannon O’Sullivan and Benjamin Smith (Private Funds).