And the winner is .... A joint venture between Tishman Speyer and BlackRock Realty won the auction for the 80-acre apartment complex in Manhattan known as Stuyvesant Town /PeterCooper Village from MetLife for $5.4 billion. The deal is the largest real estate transaction ever in the U.S. in terms of valuation. The deal ends a heavily reported two-month bidding process for the development that the New York Post said pitted at least a dozen offers including Tishman Speyer Properties, Related Companies Apollo Real Estate, Howard Milstein, Steven Roth's Vornado Realty Trust and Joseph Chetrit as well as a tenant led bid by New York City Council member Daniel Garodnick. MetLife said it expects to make around $3 billion, net of income taxes, from the sale. Now the question is what will MetLife do with all the profit? — Gerald Magpily
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