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Article: Tishman Speyer wins! Stuyvesant Town, Peter Cooper bring $5.4b.
- Article from:
- Real Estate Weekly
- Article date:
- October 18, 2006
- Author:
CopyrightCOPYRIGHT 2006 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Stuyvesant Town and Peter Cooper Village have been sold by the Metropolitan Life Insurance Company to a partnership between Tishman Speyer and BlackRock Realty for $5.4 billion, what is thought to be the highest price ever paid for a single residential property.
"Peter Cooper Village and Stuyvesant Town is an extraordinary asset and we are very pleased with the market reaction we received to this sale," said Robert Merck, head of real estate investment for MetLife.
When Met first announced its intention to sell during the summer, it said any deal would be contingent upon receiving top dollar for the property, considered to be anything above $4 billion. ...