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StuyTown Sold to Tishman-Speyer for $5.4 Billion
By
Jen Chung
Published Oct 17, 2006
Modified Mar 7, 2008
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By
Jen Chung
Published Oct 17, 2006
Modified Mar 7, 2008
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Breaking: Tishman-Speyer, the real estate concern that controls Rockefeller Center, the Chrysler Building, the Lipstick Building, and much more around the city and world, was the winning bidder in the Stuyvesant Town-Peter Cooper Village sweepstakes. The NY Times' Charles Bagli writes:
Mr. Speyer and his partner, the Blackrock investment bank, outmaneuvered nearly a dozen bidders, including a group aligned with the tenants at the complexes who hoped to preserve what is fast becoming a rare commodity in Manhattan: middle-class housing. With rents and housing prices skyrocketing in recent years, the pending sale and the issue of affordable housing became a cause célèbre among New York politicians and tenant activists.
But Mayor Michael R. Bloomberg stayed on the sidelines and MetLife was intent on selling for the highest possible price. At $4.5 billion, the tenant offer lagged behind bids from some of the biggest names in real estate, including Apollo Real Estate Advisors with the Dermot Company, Related Companies with Lehman Brothers, the Millstein brothers, and Vornado Realty Trust.
The NY Sun adds that another of Tishman-Speyer's partners in the deal was the California State Teachers' Reitrement System- and that MetLife sold the Pan-Am building to Tishman-Speyer and other investors earlier this year. To put the deal, called the biggest in history, in perspective, Bloomberg News says that the cost of the 1803 Louisana Purchase would be about $277 million in 2006 dollars.
City Councilman Daniel Gardonick, who is a Peter Cooper resident and was involved with the tenant bid, told the Times, “We expect a new owner to not only to honor his obligations under the law, but to come up with a plan that preserves the long-term affordability of this middle-class community.”
Photograph of family and a pigeon in Stuyvesant Town by Mary Altaffer/AP
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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