Peter Cooper Village, Stuy Town Go to JV for $5.4B

NEW YORK CITY-Everyone can exhale. MetLife has sold Stuyvesant Town and Peter Cooper Village to a joint venture of Tishman Speyer and BlackRock Realty, the real estate arm of BlackRock Inc.

The sales price was not released by the Tishman camp, but MetLife in a statement confirmed that the massive complex went for $5.4 billion. The pending sale was the buzz of the late summer and pulled such names as Apollo, ING, Vornado and Related to the bidding process. As GlobeSt.com reported earlier today, the tenants association was also a figure to be reckoned with in the process, with a $4.5-billion bid.

The sale, expected to close in Q4, will deliver to Metropolitan Tower Life Insurance Co., the MetLife affiliate that actually held the keys, some $3 billion in net gains net of income tax.