Tuesday, October 17, 2006

I was only off by a little bit

I wrote in August about how PCV/ST was on the selling block, and that it was expected to be sold for over $3 million.

Well, it turns out I was undervaluing the property a bit.

$5.4 B.


With about 11,000 units in the Peter Cooper Village and Stuyvesant Town Complex, that comes out to almost half a million dollars PER APARTMENT.

This bid was $900 Million higher than a bid submitted by the Tenants' Association. Unfortunately, a lot of people are going to be getting non-renewal notices in the next year as conversion will most assuredly proceed from rented apartments to condominiums.

MetLife will make approximately $3 Billion after taxes and 60 years of ownership.

To my former neighbors (some of which may have linked from the forums) - I'm sorry this has happened. We all knew it would happen someday, with the way the city has changed. My family had talked about it happening for at least 15 years.

Unfortunately, someday finally happened. The clock struck midnight.

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