|
contents | news | |||||||||
| MetLife sells a prominent asset in its portfolio for $5.4 billion  MetLife, Inc., a leading provider of insurance and financial services with operations throughout the U.S. and the Latin America, Europe and Asia Pacific regions, announced the sale of Peter Cooper Village and Stuyvesant Town to Tishman Speyer, in a joint venture with BlackRock Realty, the real estate arm of BlackRock, Inc., for $5.4 billion. The sale is expected to result in a gain of approximately $3 billion, net of income taxes. It is anticipated that the sale will close in the fourth quarter of 2006, subject to customary closing conditions.New York landlord Tishman Speyer Properties and a unit of New York-based money manager BlackRock Inc. have agreed to buy a massive Manhattan apartment complex in one of the biggest prices ever paid for a U.S. commercial property. The properties are owned by the MetLife affiliate Metropolitan Tower Life Insurance Company. MetLife considered offers from many highly qualified bidders, including the PCVST Tenant's Association and some of world's leading real estate owners and operators. The Peter Cooper Village and Stuyvesant Town properties together make up the largest apartment complex in Manhattan, totaling over 11,000 units, spread over 80 contiguous acres. The properties are bounded on the west by First Avenue, to the east by FDR Drive and the East River, to the north by 23rd Street and to the south by 14th Street. write your comments about the article :: © 2006 Construction News :: home page |