Nearly two years after creditors took over the sprawling Stuyvesant Town and Peter Cooper Village complexes, Brookfield Asset Management has teamed with the tenants association of Manhattan’s largest residential development in an effort to buy the property and convert many of its more than 11,000 units to tenant-owned condominiums.
The East Side complex attracted significant interest when then-owner Metropolitan Life Insurance—which built it in 1947 in part for returning World War II veterans—put it up for sale five years ago. Tishman Speyer Properties‘s resulting $5.4 billion purchase earned Fried, Frank, Harris, Shriver & Jacobson real estate chair Jonathan Mechanic recognition as an American Lawyer Dealmaker of the Year for his work advising Tishman on the transaction.
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