Sidewalks are not the only things scorching hot in New York City right now as real estate dealmaking remains strong.
MetLife said Tuesday that it may sell its Peter Cooper Village and Stuyvesant Town apartment buildings—which together make up Manhattan's largest residential complex with more than 11,200 units—to take advantage of the booming real estate market. The expansive cookie-cutter buildings extend across 80 acres of precious Murray Hill real estate, with 14th and 23rd streets as its southern and northern borders, with the East River and First Avenue setting its eastern and western parameters.
While a company spokesman declined to speculate on bid expectations for Reuters, one pension fund source did say the massive property could be divided up, so buyers could purchase smaller chunks of it.
The company drew lofty prices for two of its NYC buildings last year, pocketing more than $2 billion. Last March, MetLife unloaded its former headquarters, 1 Madison Ave., to SL Green Realty Corp. for $918 million, and the next month, sold its 200 Park Ave. building to Tishman Speyer Properties LP for $1.72 billion.
Meanwhile, real estate firm Archstone-Smith will take up more modest residence on the city's Upper West Side. The Engelwood, Colo.-based firm acquired the Westmont, a 16-story high rise for $87.8 million. The 163-unit Columbus Avenue complex extends between 95th and 96th street.—Carolyn Murphy
Go to MetLife release
Go to Reuters story on possible sale
MetLife sells Midtown building
Go to Reuters story on One Park Ave. via The Deal
Go to Archstone-Smith release
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