Stuyvesant Town sold for $5.4 billion
Tishman Speyer makes the winning bid in the largest real estate deal in U.S. History

Foregoing a second round of bidding, MetLife, Inc. today announced the sale of Peter Cooper Village/Stuyvesant Town to Tishman Speyer, in a joint venture with BlackRock Realty. Their offer of $5.4 billion trumps the prominent $4.5 billion bid by the tenants association, who feared a new owner might take aggressive steps to capitalize on one of Manhattan’s few remaining middle class enclaves.

The sale, which is widely believed to be the largest and most expensive in American real estate history, entails 80 acres bordered by 14th Street, 1st Avenue, 23rd Street, and FDR Drive, with a total of 11,200 units. Even with industry fears of a cooling real estate market, the sale presented many perspective buyers with an unparalleled opportunity on an island with limited space and soaring land costs.

The new owners face a number of options in remaking the complex, from converting them to condos to building within the ample park spaces between buildings, or even continuing the current practice of transforming the rent stabilized units into market rate ones. Officials for the tenants and MetLife continue to point out that the sale does not affect the law or the status of stabilized units, and residents should not panic over what will be a long-term transformation. “We’re sorry we didn’t win it, said Al Doyle, president of the tenants association, “but we also just want to reassure our residents that everything will remain—everyone will remain in place.”

Matt Chaban

Stuyvesant Town sold for $5.4 billion
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