Bidders for MetLife's Stuyvesant Town and Peter Cooper residential complex in Manhattan have an Oct. 5 deadline to place their offers, according to the New York Times. The New York-based insurance company, according to previous published reports, is looking for a $5 billion price tag. MetLife is marketing the apartment complex as the "city’s most prominent market-rate master community," according to the New York Times. MetLife’s brokerage company, CB Richard Ellis, also has said to potential buyers that they can build market rate garages on the property as well as combining apartments, upgrading retail stores and installing doormen as ways to increase revenue. Several companies have expressed interest from residential developers such as Lefrak Organization and the Related Companies to real estate investment trusts such as Vornado Realty Trust and Archstone-Smith. Even New York City Council member Dan Garodnick of the 4th district is organizing a team of investors in an attempt to guarantee the complex's affordability. — Gerald Magpily
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