This morning, Mayor Bill de Blasio will announce that while the huge Stuyvesant Town-Peter Cooper Village is being sold (yet again), 5,000 apartments will be kept for middle class families.

It's believed the 11,000+ unit complex, which sprawls from 14th and 20th Streets and from First Avenue to the FDR, will be purchased by the Blackstone Group for $5.3 billion. The NY Times reports, "The sale, to the Wall Street investment firm and one of the country’s largest landlords, includes an unusual regulatory agreement with the administration of Mayor Bill de Blasio that would ensure that a block of 5,000 apartments would be affordable for the next 20 years for families of teachers, construction workers, firefighters and others who have traditionally made their homes at Stuyvesant Town."

Under the new agreement with the de Blasio administration, 4,500 apartments would be reserved for middle-income families. A family of three earning up to $128,210 a year, for example, would pay a rent of $3,205 a month for a two-bedroom apartment. An additional 500 apartments would be set aside for families making less. For example, a family of three earning up to $62,150 a year would pay about $1,553 in rent for a two-bedroom.

Still, more than half the apartments in the complex, which sits east of First Avenue between 14th and 23rd Streets, now lease at market rents, or more than $4,200 a month for a two-bedroom apartment, a prohibitive sum for many middle-class families.

In return for maintaining the affordable block, the city agreed to waive $77 million in mortgage recording taxes and to provide Blackstone with a $144 million low-interest loan through the Housing Development Corporation. Blackstone also agreed not to pursue a condominium conversion or to build new towers on the tree-lined property.

Bloomberg News adds

that 1,400 rent-regulated apartments that were due to expire in 2020 will now expire in 2025.

The development was first created for World War II veterans.

Blackstone's purchase price is $100 million less than the $5.4 billion Tishman Speyer paid for it in 2006. (The Wall Street Journal calls the Tishman deal "one of the biggest real-estate disasters of the financial downturn.") CW Capital took over when Tishman ran out of money.

The Times takes us down memory lane: "[Tishman], who put in very little of their own money, infuriated tenants as they showered hundreds of residents with eviction notices. They renovated vacant apartments and rapidly raised rents." A state court even ruled that Tishman's rent increases were illegal. And the new tenants rolling in meant some long-time residents had to deal with drunk neighbors pooping in the hallway.

City Council Member and Stuy Town resident Daniel Garodnick told the Times, "This deal achieves our core goals of preserving the community as a stable home for New Yorkers today and into the future. This time, the buyer not only has a more patient and stable investment structure, but goes to great lengths to preserve long-term affordability."