Sold – Peter Cooper and Stuyvesant Town in Manhattan for 5.4 Billion
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
My wife has actually decided to study for and get her real eatate licence just so we dont ever have ...
I like your analogy in this article. The real estate economy really is like a patient who you cannot ...
Real Estate is hyper-local. Every market is different. Phoenix has already hit bottom and is starting to recover. We have ...
Great to hear that the big boys
are predicting recovery sooner than
most think.
Thanks for the value! 
I agree--good analogy. You have to crawl before you can walk. Right now, at least in Austin, many people would ...
I live in the Philippines and I am glad we are not on the lists... 
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I see the question I have, but no response. I do not have a for sale sign up ...
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. [...]