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Ex-Stuy Town manager to serve as consultant on Blackstone’s Kips Bay Court

Andrew MacArthur left CWCapital to form his own company Brooksville

Kips Bay Court and Stuyvesant Town (inset: Andrew MacArthur)
Kips Bay Court and Stuyvesant Town (inset: Andrew MacArthur)

Andrew MacArthur, a former executive at CWCapital Asset Management who led the $5.3 billion sale of Stuyvesant Town-Peter Cooper Village last year, has been hired by Blackstone Group as a consultant on the management of another large multifamily complex.

MacArthur left CWCapital this summer to form his own company, a building operator and investment firm known as Brooksville Company, sources said. Sources familiar with the company said its focus is on creating a business plan for owners of New York City rental properties — and then operating the buildings.

MacArthur Would Serve As A Consultant On Kips Bay Court, an eight-building, 891-unit complex that Blackstone entered contract to buy for $620 million in August. Just nine months earlier, Blackstone and Ivanhoe Cambridge had closed the city’s biggest multifamily deal in years — the massive purchase of Stuy Town from CWCapital.

Unlike Stuy Town, which is heavily rent-stabilized, all of the units at Kips Bay Court are free-market. Section 8 tenants occupy about 40 percent of the units, but those apartments bring in nearly market-rate rents. Details of MacArthur’s consulting role were not immediately clear.

MacArthur and a spokesperson for Blackstone declined to comment.

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Since forming Brooksville, the firm has served as a minority equity partner in 63-67 Wall Street, a pair of Financial District rental buildings that Rockpoint Group bought for $430 million in October, sources said. Brooksville will also serve as the building’s operator, sources added. A representative for Rockpoint declined to comment.

MacArthur’s firm is named after but not directly affiliated with his father William’s company, the Florida-based Brooksville Development Group, sources said.

David Sorise, who formerly worked with MacArthur at the Dermot Company and CWCapital, is also working at Brooksville, sources said.

MacArthur worked as a principal at the Dermot Company from 2001 to 2007 in which he led the developer’s push into acquisitions of rent-stabilized buildings in Brooklyn, Queens and the Bronx. He then restructured capital stacks on behalf of UBS and Starwood Hotels & Resorts at his company Arcturus.

In 2010, CWCapital took control of Stuy Town, Manhattan’s largest apartment complex, on behalf of lenders after Tishman Speyer default on its loans. The special servicer then recruited MacArthur to oversee the complex under the property management arm, CompassRock.

MacArthur was CWCapital’s managing director of real estate until earlier this year. He was credited as one of the key figures negotiating the complex’s 2015 sale on behalf of the bondholders. CWCapital’s payday from the sale was estimated to be north of $600 million.

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