VIDEO: Preserving 5,000 affordable rental units in downtown Manhattan
Stuyvesant Town-Peter Cooper Village, a series of 56 high-rise red brick apartment buildings in downtown Manhattan, is a great example of local government, investors, and developers working together to preserve affordable housing.
The 1940s era housing was built for returning World War II veterans. In 2010, its owner defaulted and the complex fell on hard times. Six years later, Blackstone Group, in partnership with Ivanhoé Cambridge, purchased the complex with financing from Wells Fargo and Fannie Mae. Under the agreement, 5,000 units were set aside for affordable housing. Today, tenants live in a downtown Manhattan apartment they can afford, surrounded by open space and playgrounds, a fountain, and retail shops.
Watch our video for more.