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Wednesday, August 30, 2006

MetLife Could Net $5 Billion in NYC Land Sale

MetLife (MET) has placed its Stuyvesant Town and Peter Cooper Village properties up for sale according to the New York Times. The sale would be for approximately 110 buildings that cover 80 acres in Mahattan. The area is around First Avenue between 14th Street and 23rd Street. The sum is expected to be an unbelievable $5 Billion, and this was reportedly signaled back in July. This will ultimately be putting another neighborhood for low and middle-income renters in Manhattan at risk of going-condo and driving up adjacent rents even further. This will no doubt come with some controversy, so you can imagine that the papers and local media in and around NYC will be covering this like hawks going forward.

Jon C. Ogg
August 30, 2006

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