Blackstone Group signs $3.15B refi with Wells Fargo for StuyTown, Peter Cooper

Blackstone Group through the entity Bpp Pcv Owner LLC as borrower signed a refi loan with lender Wells Fargo valued at $3.15 billion for two tax lots that compose Stuyvesant Town and Peter Cooper Village, with 11,255 residential units including the 8,764-unit residential elevator building (D7) at 240 1st Avenue in Peter Cooper-Stuyvesant Town, Manhattan and 2,491-unit residential elevator building (D6) at 342 1st Avenue in Peter Cooper-Stuyvesant Town, Manhattan.
The deal closed on November 26, 2025 and was recorded on December 9, 2025. The prior lender was Fannie Mae which held debt that had an original loan amount of $3 billion. The two properties have 12,064,341 square feet of built space and 267,500 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $261 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Blackstone Group was Brian Lin . The signatory for Wells Fargo was Christian Adrian .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Stephanie Sarpong Appiah, head officer and Stephanie Sarpong-Appiah, head officer. The business entity is Bpp St Owner Llc. The two properties with a total of 12,064,341 square feet of built space generated revenue of $500.8 million per year or $42 per square foot.

Violations and lawsuits

The properties were involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $921,175 judgment concerning a major capital improvements filed on May 20, 2024, by Stuyvesant Town-Peter Cooper Village Tenants Association against Blackstone Group. In addition, according to city public data, the properties have received $26,150 in ECB penalties, 76 housing violations, $63,365 in OATH penalties, and one housing litigation in the last year.

The block

On the tax block of 240 1st Avenue, PincusCo has identified the owner of the one commercial property that spans that spans 8,942,176 square feet on the block.The identified owner is Blackstone Group.
There are no active new building construction projects on this tax block.

All properties are elevator.

The borrower

The PincusCo database currently indicates that Blackstone Group owned at least 45 commercial properties with 14,164 residential units in New York City with 20,633,452 square feet and a city-determined market value of $4.6 billion. (Market value is typically about 50% of actual value.) The portfolio has $2.7 billion in debt, with top three lenders as Morgan Stanley, Wells Fargo, and NYC Housing Development Corporation respectively. Within the portfolio, the bulk, or 74 percent of the 20,633,452 square feet of built space are elevator properties, with office properties next occupying 21 percent of the space. The bulk, or 87 percent of the built space, is in Manhattan, with Queens next at 9 percent of the space.

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