Property Grunt

Tuesday, October 17, 2006

Well that was quick:Stuy town sold!

I am surprised this happened so quickly. I thought we were looking at least till the new year.

In what is believed to be the most expensive real estate transaction in American history, Metropolitan Life Insurance Company has agreed to sell Stuyvesant Town and Peter Cooper Village on Manhattan's East Side for $5.4 billion to an investment group led by Tishman Speyer, real estate sources told The New York Sun.

The deal is expected to net the city and state more than $100 million in tax revenues.

I feel this is the last hurrah for the real estate market. It is all going down hill from here. What I am talking about? We already are screaming down this double black diamond of a real estate market screaming "I have no brakes! I have no brakes! Get out of the f**king way!"

But what a way to end the era.