How would you like to be the broker on this one: Metlife has just sold 80 acre Stuyvesant Town in Manhattan for 5.4 Billion dollars, making this the world’s biggest real estate deal, according to Charles Dubow writing in the new isssue of BusinessWeek.
Why so much?
Businessweek points out that it is “rare” in a city such as New York to “find so large a contiguous site.” The property was bought by Tishman Speyer.
Back in 2000, Tishman Speyer purchased Rockefeller Center for almost 2 billion dollars.
Stuyvesant Town was the brainchild of the legendary Robert Moses–master urban builder–and was designed in 1943 to offer affordable housing to city dwellers.
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Article Author:
Charles FeldmanCharles has written 149 articles for us.
Visit Charles's Website: http://www.thefeldmanblog.com
Charles is currently reporting for KNX Radio in Los Angeles, is the co-author of the book No Time To Think, and can be found commenting about the news on his blog, The Feldman Blog.
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