Investors have agreed to pay $5.4 billion to buy a pair of big residential real estate developments from MetLife Inc.
Units of Tishman Speyer Properties Inc., New York, and Black Rock Inc., New York, have formed a joint venture that has agreed to pay that price to buy Stuyvesant Town and Peter Cooper Village from MetLife, New York, the company that is famous for using Snoopy as its spokesdog.
The properties, located on First Avenue between 14th and 23rd Streets in Manhattan, were built in the late 1940s by MetLife.
Residents of the 11,232 apartments, many of which are “rent-stabilized,” have wondered how the deal might affect them.
Jerry Speyer, president of Tishman Speyer, has tried to reassure the development residents.
“The thousands of tenants in rent-stabilized apartments are completely protected by the existing system,” Speyer says in a statement accompanying the deal announcement. “No one should be concerned about a sudden or dramatic shift in this neighborhood’s make-up, character or charm.”