The well-publicized $5 billion price tag for MetLife's Stuyvesant Town-Peter Cooper Village has drawn a lot of attention. Public REITs such as Avalon Bay Communities, Archstone-Smith Trust, Equity Residential and Essex Property Trust are rumored to be interested in the 80-acre property with 11,200 apartments, often considered the last bastion of middle class housing in Manhattan. But New York City Council member Dan Garodnick of the 4th district, who is also a current resident of Peter Cooper Village, has teamed with investors to bid for the complex. The councilman said Sept. 5 that he has written Chairman of the Metropolitan Life Insurance Co. that he is assembling an investor group to purchase the property. Garodnick did not mention who the members of the group were, but the move received support from The Stuyvesant Town and Peter Cooper Village Tenants Association. Garodnick hopes that his group would maintain rent stabilized apartments in the complex. This consortium better have deep pockets. Even Donald Trump said he wasn't interested in the deal because it has received too much attention and could result in a bidding war that would make the price too high to see a reasonable rate of return. — Gerald Magpily
See press release from Dan Garodnick
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