The Sale of the Century Stuyvesant Town and Peter Cooper Village

Stretching from 14th to 20th Streets between First Avenue and Avenue C on Manhattan’s East Side, the 110-building Peter Cooper Village and Stuyvesant Town high-rise complexes comprised a vast middle-class, largely rent-regulated city-within-the-city. In both communities, renters who wanted to stay in Manhattan could live a safe, secure life within a development containing modern elevator buildings, its own security force, and 80 acres of lawn and playground space.

In recent years however, the winds of change have blown through Peter Cooper Village-Stuyvesant Town (or “PCV-ST,” for the sake of brevity). First, the owner, Metropolitan Life, announced that as apartments were vacated, they would be renovated, then decontrolled and rented as luxury apartments. In 1998, MetLife evicted doctors and dentists from the ground-floor offices many of them had occupied for more than 20 years.

“Before I moved in,” says Roberta Koza, a retired assistant principal who moved to Peter Cooper Village six years ago, “renovations had started. The hallways had been re-done. Subsequently, lobbies, elevators and the grounds have been renovated, first at Peter Cooper and now at Stuy Town. A new key card system replaced the lobby and laundry room key. It was clear that something was going on.”

Then, earlier this year, it was announced that MetLife was putting PCV-ST up for sale. The announcement sent shock waves through much of the tenant body and caused alarm among elected officials.

Finally, after a brief-but-fierce bidding war and a flurry of press coverage, MetLife agreed to sell PCV-ST for a record-setting $5.4 billion. The buyer was real estate investment giant Tishman Speyer Properties, and the sale was completed in mid-November. Tishman Speyer’s partner in the deal was BlackRock Realty, an arm of global investment management firm Black Rock Inc.

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Comments

  • this is unbelieveable.you should maybe check the percent in another way.was the safest place to live in city for decades.due to the amount of cops fireman court officers.now homeland security.when they retire were should they go.they have a history of 3 generations of people there.i know this is going to ruin this part of city.i am from stuy town.born there.my mom is born there.my grandparents moved there in 1947.met life should steo in and pay the rent owed to the people who built this community.we built it no one else.the community will be different than what the think .the will start so bad legal troubles.do you think that generations of people who general work for nyc dont have connections in the right places you are wrong.