page_title: Stuyvesant Town–Peter Cooper Village
section_title: 2006 sale
hierarchical_section_title: Stuyvesant Town–Peter Cooper Village / History / Recent years / 2006 sale
caption_attribution_description: English: Stuyvesant Town.
context_page_description: Stuyvesant Town–Peter Cooper Village is a large, post-World War II private residential development on the east side of the New York City borough of Manhattan. The complex consists of 110 red brick apartment buildings on an 80-acre tract stretching from First Avenue to Avenue C, between 14th and 23rd Streets. Stuyvesant Town–Peter Cooper Village is split up into two parts: Stuyvesant Town, south of 20th Street, and Peter Cooper Village, north of 20th Street. Together, the two developments contain 11,250 apartments.
  Stuyvesant Town–Peter Cooper Village was planned, beginning in 1942, and opened its first building in 1947. It replaced the Gas House district of gas storage tanks. The complex has been sold multiple times, most recently in 2015 when it was sold to Ivanhoé Cambridge and Blackstone for $5.45 billion.
  Stuyvesant Town–Peter Cooper Village is part of Manhattan Community District 6, and its primary ZIP Codes are 10009 and 10010. It is patrolled by the 13th Precinct of the New York City Police Department.
context_section_description: On October 17, 2006, MetLife agreed to sell the complex to Tishman Speyer Properties and the real estate arm of BlackRock for $5.4 billion. The sale was expected to close by November 15, 2006, according to documents which CB Richard Ellis, a commercial real estate broker representing MetLife, sent to bidders. MetLife hired a broker, who started registering bidders, and intended to name a winner by November 2006. The sale had drawn interest from dozens of prospective buyers, including New York's top real estate families, pension funds, international investment banks and investors from Dubai, according to The New York Times, citing real estate executives.
  New York City Council member Daniel Garodnick, a lifelong resident of Peter Cooper Village, attempted to organize tenants and investors to place a buyout bid on the complex. Initially, MetLife deemed the tenants group an unqualified bidder, but, after being pressured by elected officials, the company reversed itself, and distributed bid books to the tenant group; bids were to have been submitted by October 5, 2006. Bids included the tenants' $4.6 billion offer, a bid by Vornado Realty Trust, a joint offer between Lehman Brothers and The Related Companies, and one by Apollo Global Management which came within $100 million of Speyer's $5.4 billion. Tishman Speyer paid just $56 million in cash for the property while raising $4 billion in debt from Wachovia and another $500 million from Merrill Lynch & Co..
  On January 22, 2007, a class action lawsuit was filed against MetLife, Tishman Speyer Properties, and their associates on behalf of the market rate tenants of Stuyvesant Town and Peter Cooper Village. The suit claimed that MetLife was improperly charging tenants "market rate" rents while at the same time receiving real estate tax benefits from the City of New York under the J-51 program, which requires property owners to maintain apartments as rent-stabilized during the period in which they are receiving benefits. The lawsuit asked for a monetary award of between $215 million and $320 million in rent overcharges and damages. Furthermore, it called for the market rate apartments to revert to rent stabilization until the expiration of the J-51 benefit period, sometime after 2017.
caption: View of central Manhattan from Stuyvesant Town
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