Stuy Town/Cooper Village Sold

The Times is reporting that Stuy Town and Peter Cooper Village have been sold to the highest bidder, Tishman Speyer, for $5.4 billion. With more than half of the apartments rent stabilized, the 110 building complex on First Ave. between 14th and 23rd Streets, is one of the last bastions of middle class housing in Manhattan, where teachers, nurses and police officers have lived for decades. It’s a sad day for affordable housing in New York, and even more troubling that Mayor Bloomberg “stood on the sidelines” while tenants tried to put together a package to buy the complex themselves. The complex was built by MetLife (which is the seller in this transaction) for returning veterans from World War II. There’s simply no question that Tishman Speyer will be doing everything it can to de-regulate the apartments as quickly as possible to recoup its investment.

One Response to Stuy Town/Cooper Village Sold

  1. […] Crain’s is reporting that the largest real estate deal in American history is headed for an iceberg. Last month MetLife agreed to sell Stuyvesant Town and Peter Cooper Village to the highest bidder, Tishman Speyer, for $5.4 billion. It was supposed to close this week. The 110 building complex on First Ave. between 14th and 23rd Streets, was built by MetLife (which is the seller in this transaction) for returning veterans from World War II. Since then, generations of middle class and working people have lived and raised families there, as the rents are significantly below market rate as a result of stabilization laws. […]

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