The Blackstone Group and Ivanhoé Cambridge have established a new property management company to oversee Peter Cooper Village-Stuyvesant Town (PCVST), their mammoth Manhattan property, the groups said Thursday.
The 80-acre community, home to nearly 30,000 New Yorkers, changed hands in October. Blackstone, the world’s biggest private landlord, bought the island’s largest apartment complex with Ivanhoé Cambridge, the real estate investment subsidiary of Canadian pension plan Caisse de dépôt el placement du Québec, for $5.3 billion.
Five years ago, New York-based private real estate owner Tishman Speyer defaulted on the loan that financed the developer’s $5.4 billion acquisition of the property in 2006. Loan servicer CWCapital Asset Management had controlled the property between the default and the new owners’ October purchase.
Blackstone’s Rick Hayduk, a nearly 10-year veteran of the firm, was appointed general manager of the property starting January 1 after the current management company, New York’s Compass Rock Real Estate, transitioned out. Hayduk moved to New York after overseeing property management at Blackstone’s Boca Raton Resort and Club in Florida. He will reside at PCVST with his family.
“Management must be a part of a community in order to understand the needs of its residents,” Hayduk said in a statement.