Metropolitan Life dropped this bombshell right before the Labor Day news cycle (Curbed is on vacation this week, nuff said right there): Stuyvesant Town and Peter Cooper Village are up for sale. All 80 acres of prime Manhattan real estate, all 110 apartment buildings, all 11,000 apartments: yours for $5 billion. While we're sure the bulldozers won't be coming in anytime soon (the lawsuits alone are going to keep the neighborhood as is for years), we are counting on approximately 2 architectural competitions, 135 developer-requested housing schemes, 1 tasteful exhibition at the AIA Center For Architecture, several dozen symposia at New York University, one tasteful symposium at Columbia University, 580 posts on Curbed, and 23,820 comments on said posts.
And don't forget: there will be one large new shiny development, probably with no restored street grid (easier to keep in the 'luxury' ethos), definitely with some new buildings, and definitely priced as cutting edge-luxury. In short, New York will never be the same.
The housing complexes were the brainchild of Robert Moses, built in 1947 for returning WWII veterans, and served as a model of public housing throughout the city. The idea: get the insurance companies and banks involved in slum clearance! The project is also entered into architectural history books as an example of housing projects that "worked".
One question we pose to our readers: will the developper make a quick return on this? The New York luxe housing market has cooled in the last year, and with all the new luxury apartments still coming to market, I wonder if this is the kind of investment that looks good in 2006, but looks like a colossal mistake in 2007. We'll keep an eye on it.
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