The gavel has come down on the sale of Stuy Town.
In what is believed to be the most expensive real estate transaction in American history, Metropolitan Life Insurance Company has agreed to sell Stuyvesant Town and Peter Cooper Village on Manhattan's East Side for $5.4 billion to an investment group led by Tishman Speyer, real estate sources told The New York Sun.
The deal is expected to net the city and state more than $100 million in tax revenues.
It may be too late now for us to relay this frantic warning we got from an elderly lady who has lived in Stuy Town for several years. “Brown water!” she told us. “The pipes are gone. Whoever picks this up will have to spend and spend on fixing the water.” We have no idea if this is true. What’s more, we picked up this tip in a bar and she had apparently had quite a few cocktails. Surely the Tichman-Blackrock group that won the bid must have done their due diligence. Right?
Met Life Agrees to Sell Stuy Town to Tishman Speyer for $5.4 Billion [New York Sun via Curbed]