Blackstone Pulls Plug On Renovations

New York City’s biggest owner of rent-stabilized apartments, private equity giant the Blackstone Group, says it is stopping improvements at the 11,000-unit housing complex it bought in 2015. Blackstone said it is now re-evaluating what to do with the apartments at Stuyvesant Town and Peter Cooper Village in Manhattan’s Lower East Side new rent regulation laws, Crain’s New York Business reports. While Blackstone plans to proceed with improvements required under law — such as fixing leaks and hot water improvements — improvements to the vacant apartments won’t continue and large-scale construction improvements may also be stopped, a source told Crain’s.

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