The People Vs. The Developers
Tenants’ Bid Among a Dozen for Complexes (original title)
A group aligned with tenants of Stuyvesant Town and Peter Cooper Village submitted a $4.5 billion bid yesterday to buy the 110 apartment buildings overlooking the East River in the hope of retaining the complexes as middle-income housing.
Their offer was neither the highest nor the lowest in one of the biggest real estate auctions of all time. Metropolitan Life, the company that built Peter Cooper Village and Stuyvesant Town in 1947 for returning veterans, got roughly a dozen offers by its 3 p.m. deadline yesterday, ranging from $4.3 billion to slightly more than $5 billion, according to real estate executives.
