Blackstone eyes Stuyvesant Town: source

The biggest relic of the real estate bubble is going on the block for more than its last purchase price, which may be signaling an allclear to the residential city market.

Stuyvesant TownPeter Cooper Village may now fetch more than the record $5.4 billion paid nine years ago as Blackstone Group, according to sources, seeks to capitalize on soaring New York real estate demand and rents.

CWCapital Asset Management, the loan servicer in control of the property since 2010, has hired Eastdil Secured’s Doug Harmon to advise on a sale, the servicer company said.

In the deal with Blackstone Group, the property is expected to change hands for between $5.5 billion to $6 billion and will include an affordablerent component for over half of the 11,200 apartment units.