The Sale Of Stuyvesant Town/Peter Cooper Village
Fact Sheet

• The Stuyvesant Town and Peter Cooper Village ("ST/PCV") community was built by the Metropolitan Life Insurance Company ("Met Life") specifically as housing for the middle class and has a special relationship with the City of New York.

• Met Life received a 25-year tax break to build Stuyvesant Town.

• Mayor Fiorello LaGuardia said of Stuyvesant Town that it had "certain public obligations different from and greater than a like project financed entirely by private funds."

• For nearly 60 years, Met Life owned the ST/PCV property and rented its 11,200 apartments. Stuyvesant Town and Peter Cooper Village were protected by rent-stabilization after 1974 and 1969, respectively.

• Due to vacancy decontrol and high income decontrol, over time many of the apartments became "market rate."

• On July 18, 2006 Met Life announced its intention to sell ST/PCV, and later hired CB Richard Ellis New York as its brokers for the sale.

• Within a day of the announcement, Met Life stock rose $3 a share, and the potential sale has generated substantial interest among investors.

• The future character of Stuyvesant Town and Peter Cooper Village depends on who buys the property.

• An outside buyer might convert the property into cooperatives or condominiums, but sell them at market rate.

• In pursuit of profit, such a buyer might change the layout of the property, remove green space, add stories on top of buildings or construct new buildings altogether.

• Council Member Dan Garodnick announced that he was exploring the possibility of assembling an investor group to purchase the property on terms that are favorable to tenants and maximize tenant choice.

• The Stuyvesant Town and Peter Cooper Village Tenants Association supports this effort and is working with Council Member Garodnick.

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