The Real Estate Blog
What is Elegran Edge? It’s the blog where we bring together the biggest and best stories from our neighborhood blogs and agent blogs. If it’s happening in Manhattan real estate, you can find it here.
Articles about "Stuyvesant Town"
Illegal Apartment Renting in Stuyvesant Town on the Rise
July 23, 2012
Apartment residents of Stuyvesant Town have a new pet peeve. The neighborhood east of Gramercy Park and north of the East Village is seeing a surge in people illegally renting bedrooms as hote rooms for up to a couple hundred dollars a night.Read More
Ownership of Stuy Town Up in the Air
December 06, 2011
When Metropolitan Life, the longtime owner of the joint Stuyvesant Town and Peter Cooper Village complex, put it up for auction in 2006, tenants made a bid to acquire the 80-acre property, but it was to no avail. MetLife ended up selling Stuy Town to Tishman Speyer Properties and BlackRock Realty for a record $5.4 billion, a decision which later proved distastrous - the two ownership groups defaulted on $4.4 billion worth of loans and abdicated ownership rights. CW Capital in 2009 took out a mortgage for $3 billion to acquire rights to the property, but now they’re looking to sell. So the tenants association of Stuyvesant Town and Peter Cooper Village are again attempting to make another bid for the complex (although that bid has yet to be formed), except this time they’ve formed a partnership with a major player with deep pockets - Brookfield Asset Management.Read More