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Manhattan's largest apartment complex to be sold for $5.3B

NEW YORK - New York City officials have announced the sale of Manhattan's largest apartment complex for $5.3 billion in a deal that will preserve nearly half its 11,232 units for middle-class families.

Mayor Bill de Blasio announced the deal for Stuyvesant Town-Peter Cooper Village on Tuesday.

De Blasio says it will be sold to Blackstone and Ivanhoe Cambridge, a subsidiary of Canadian pension fund manager CDPQ.

Under the terms of the deal, about 4,500 apartments in the complex on Manhattan's east side would be reserved for middle-income families for at least 20 years. Another 500 would be kept for lower-income families.

Original owner MetLife sold the complex on the borough's east side for $5.4 billion in 2006 but the new owners defaulted.

CW Capital Asset Management LLC has controlled the 80-acre property since 2010.

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