Tuesday, October 17, 2006

MetLife Sale of Stuyvesant Town/Peter Cooper Village


Stuyvesant Town along with it's sister complex, Peter Cooper Village were sold by MetLife to Tishman Speyer and the real estate arm of Black Rock for $5.4 billion dollars, more than the highest estimates would have suggested. A mega residential real estate deal, involving over 11,000 units on the East Side of Manhattan, this is the third largest transaction of it's kind for New York City, and affects over 25,000 residents in 110 buildings.

Originally constructed to provide affordable housing for returning veterans of World War II, in the sixty years of it's existence, Stuvesant Town has always been an easy choice for young families wanting to make Manhattan home. With spacious layouts, reasonable rents and 12 neighborhood parks, residents have the best of two worlds. They're a short ride from everything New York is famous for, at the same time allowing them to live within an enclave that brings a little bit of the country to them.

As it changes over time, and you can be sure it will, the old Peter Cooper Village/Stuyvesant Town will be missed.

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