The New York Sun has an article talking about how Met Life is managing its extensive real estate portfolio. They threw in a tidbit that they are looking for buyers for their Peter Cooper Village and Stuyvesant Town properties on the East Side of Manhattan. This is an amazing announcement as the company has owned the properties for years and that the price could exceed 3 Billion Dollars.
I lived in Peter Cooper back in the late 1980’s. My Aunt had a rent controlled apartment that I used after she moved and before a Yenta who wanted the corner unit turned us in. It is a fabulous place to live in the city and the units are highly sought after. The one draw back is that it is the rent control capital of New York City with 75% of the units under one level or another of rent control.
Industry leaders expect MetLife to record another history-making event if it sells the Peter Cooper Village and Stuyvesant Town rental properties that make up the largest apartment complex in Manhattan, totaling more than 11,200 units in 110 buildings spread over 80 contiguous acres.
“We believe current market conditions are very favorable, and we have decided to test the market to gauge buyer interest in these properties,” the head of real estate investments for MetLife, Robert Merck, said. “MetLife believes there is a lot of capital seeking high-quality real estate of this caliber, and anticipates that it will see excellent market pricing for these properties.” via The New York Sun
Update – 8/30 – It looks like Met Life is bumping up the asking price to 5 Billion.
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Could not the tenants offering $4.9 B round up a partner under this blind bid
scenario another $ 550,000,000.00. (that's $50MM more) to come in at $5.45 B~
for the last bastion of a Oasis right here in New York City! The Concrete Jungle!
What were the Tenants & Councilman thinking?
Partner with the State, City, or (Non-Profit) private investor in RE they would
have rolled out the Red Carpet and Champagne all the way to City Hall! and
Albany and every where in between and Yes Around That Fabulous Fountain!
Oh well 2 late! Speyer & Partner are going to have a make a return on
their money! Somehow! Time will tell! Just Watch!
Happy New Year to all and all a Good Night!!!
jb
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