Many insiders are calling this sale a new record for the housing industry. Others see the sale as the end of an era. That explains why many residents were protesting the rumors and news of the sale by MetLife, Inc. Stuyvesant Town and Peter Cooper Village Apartments sales form one of the largest real estate deals ever. It beats the most recent record of $1 billion. The properties together make up the largest apartment complex in Manhattan. You are talking about big numbers here. The complex totals more than 11,000 units which are spread over 80 acres.
Stuyvesant Town and Peter Cooper Village apartments were built in the late 1940s as housing for returning WWII veterants. Tenants pay below market value for these apartments. To live in Manhattan for these low prices is great. That is why the new owners had to say that the residents of rent-stabilized apartments are completely protected by the existing system. Speyer and co. are not going to raise the monthly rent fees of those residents. It is a dream piece of realty right in New York City.
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