110-Building Site in N.Y. Sold to Speyer for $5.4 Billion

Jerry Speyer, a real estate investor who controls some of the city’s most prominent icons, like Rockefeller Center and the Chrysler Building, signed a deal to buy 110 apartment buildings along the East River in Manhattan for $5.4 billion, MetLife announced today.

Mr. Speyer, the chairman of Tishman Speyer Properties, is buying a trophy of a different kind in Stuyvesant Town and Peter Cooper Village, two adjoining complexes on First Avenue between 14th and 23rd Streets. Built by Metropolitan Life in 1947 for returning veterans, Stuyvesant Town and Peter Cooper Village have served as an affordable redoubt for generations of police officers, teachers, nurses and the like. The unremarkable brick buildings are set among trees and fountains on 80 acres of some of the most valuable land in the country.
Via: New York Times