October 18, 2006 -- A joint venture led by New York developer Tishman Speyer announced yesterday that it will pay a record $5.4 billion for the giant apartment complex Stuyvesant Town and Peter Cooper Village - and promised thousands of tenants that their rent-stabilized apartments are "completely protected."
Tishman and its partner, BlackRock Realty, outbid several competitors - including tenants of the complex's 11,232 apartments, who, according to other bidders, offered $4.9 billion.
Tishman Speyer senior managing director Rob Speyer said the partners would keep the property as rental apartments.
"There is good business in residential," Speyer told The Post. "The opportunity to buy 11,000 units in Manhattan is what you live for."
The sale, expected to close before the end of the year, will be the biggest ever for a single piece of American real estate. Current owner MetLife expects to book a $3 billion profit.
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