Updated Dec 11, 2025
Stephen A. Schwarzman Of Blackstone Secures $3.15B Refinance Loan From Wells Fargo For Multifamily Asset
240 1st Avenue
$3,150,000,000
$261/SF
Building Size
12,064,341 SF
Asset Type
MultiFamily
Closing
Nov 26, 2025
About this deal
AI
The asset involved in this transaction is a multi-family property located at 240 1st Avenue & 342 1st Avenue in the Peter Cooper-Stuyvesant Town market. The total square footage of the property is 12,064,341, encompassing 11,255 residential units. The refinancing loan amount secured for this asset is $3,150,000,000.
Summary of transation details:
- Property Type: MultiFamily
- Transaction Amount: $3,150,000,000
- Address: 240 1st Avenue & 342 1st Avenue
- Market: Peter Cooper-Stuyvesant Town
- Square Footage: 12,064,341
- Lender: Wells Fargo
- Landlord: Stephen A. Schwarzman - Blackstone
- Loan Type: Refinance
In this transaction, Blackstone, via Bpp Pcv Owner LLC, engaged Wells Fargo for the refinancing of Stuyvesant Town and Peter Cooper Village in Manhattan. This strategic move covers a substantial number of residential units within the expansive property.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.01%
Cash-on-Cash
-0.00%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93