Getting your player ready...
New York – One of the largest apartment complexes in the nation was sold to a developer Tuesday for $5.4 billion after a bidding war that included tenants who expressed fear that their middle-class homes would be replaced by luxury apartments.
MetLife Inc., one of the nation’s largest insurers, announced the sale of the Peter Cooper Village and Stuyvesant Town apartments to the Tishman Speyer development company in a joint venture with BlackRock Realty, the real-estate arm of BlackRock Inc.
The 110 apartment buildings along the East River include mostly below-market, rent-stabilized apartments, a community center and private parkland. The complex has been called the last bastion of middle-class housing in Manhattan.
