Sold - Peter Cooper and Stuyvesant Town in Manhattan for 5.4 Billion
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MetLife exceeded even their most optimistic projections by selling the Peter Cooper – Stuyvesant Town communities in Manhattan for 5.4 billion dollars to the Tishman Speyer and their partner BlackRock Realty. The sale of this huge property is one of the largest in real estate history.
The residents were looking to try to block the sale, and at this price I think the character of Peter Cooper/Stuyvesant Town is going to change rapidly from a rent controlled haven to an upscale property with the corresponding rents.
“As a business with deep roots in New York City, we have a sincere appreciation for these cherished neighborhoods, and we are honored to become stewards of the property,” said Tishman Speyer president and CEO Jerry I. Speyer. “We are committed to working closely with residents, elected officials and community leaders to help ensure a dynamic and vibrant future for this New York community.”
Speyer said the residents of rent-stabilized apartments are completely protected by the existing system.
“No one should be concerned about a sudden or dramatic shift in this neighborhood’s make-up, character or charm,” he said. BostonHerald.com
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Pingback by New York City Mayor Announces Middle Income Development Project in Long Island City » The Real Estate Bloggers on 20 October 2006:
[...] After the sale of Peter Cooper and Stuyvesant Town this past week, housing advocates have been upset over the loss of middle income housing in New York City. The mayor has responded to these concerns by buying a 24 acre property across the East River for middle income (between 60–145K) housing. The properties rent will be subsidized by the city and provide 5,000 new housing units. [...]