I missed this when it posted last month, mostly because I don't follow it very much anymore:
How Met Life is Moving in Hot Real Estate Market
Here's the passage that caught my eye:
Industry leaders expect MetLife to record another history-making event if it sells the Peter Cooper Village and Stuyvesant Town rental properties that make up the largest apartment complex in Manhattan, totaling more than 11,200 units in 110 buildings spread over 80 contiguous acres.
Since this is where I lived in New York for the first couple decades of my life, this is a bit interesting. The complex has undergone a lot of transformations over the last ten years, and pretty much the only way to get a place has been to sublet or wait for someone to die. MetLife has tried various means to bring the prices it charges up, most recently a 25% hike earlier this year. It's gone a long way from $850-900 20 years ago to over $3,000 now, for in some cases a smaller place.
In a few visits there since leaving, I've even noticed the changes just by walking through. It is a lot different than it was 10, 15, 20 years ago. For a while, it's been rumored than the units would eventually be turned into condos, so news of this sale doesn't surprise me too much. What does surprise me is the fact that such a complex is apparently going to bring at least $3.3 billion.
Click here for a link to the Tenants Association.
Suddenly, a monthly housing payment in Atlanta doesn't seem so bad - being less by half and then some. And yet, even with these prices, there's a 10-year waitlist to get into PCV/ST.
Thursday, August 03, 2006
11,000 Units For Sale
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3 comments:
$3000/mo with a 10 yr wait? Wow. Yes, New York has certainly changed since we left. That place was ok (i'm trying to be nice here) but like you said at those prices, BYE BYE!
I didnt know they were going condo! It was rumored true, but I didnt think it would happen. And yup, I got in there via an illegal sublet...so did most of the other people I know still there!
Yep - we figured it would happen eventually.
To get around such a long wait, it seems the only way to get in, aside from picking over the obituary pages to see if anything popped open. (This really did happen.)
And this is for a 60-year old complex too. I don't even want to find out prices in other parts of town.
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