Securities analysts are wondering what MetLife Inc. will do with the billions it hopes to get from the proposed sale of 2 major New York real estate developments.
A venture formed by Tishman Speyer Properties Inc., New York, and Black Rock Inc., New York, has agreed to pay $5.4 billion to buy Stuyvesant Town and Peter Cooper Village from MetLife, New York.
The deal is attracting significant local media attention.
Tishman Speyer President Jerry Speyer has tried to reassure the residents of the 11,232 Stuyvesant/Cooper apartments. “The thousands of tenants in rent-stabilized apartments are completely protected by the existing system,” Speyer says. “No one should be concerned about a sudden or dramatic shift in this neighborhood’s make-up, character or charm.”