As I mentioned in the ephemera, Met life is selling Stuy Town and Peter Cooper Village for a proposed $5 billion dollars. That price tag would make it the largest real estate deal involving the purchase of a single property in America in modern times.

Nearly two-thirds of the apartments currently have regulated rents at half the market rate. This will be a definite blow to advocates of affordable housing in New York.

Amy Fox, my next door neighbor senior year of college, wrote a wonderful article for the New York Times on the battle her grandparents and other residents fought to integrate Stuy Town in the 1950s. The article is behind the TimesSelect wall, but a slide show of wonderful photos is still available with Amy narrating.

This entry was posted on Wednesday, August 30th, 2006 at 10:37 am and is filed under New York, Race, Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.