Stuy Town, Cooper Village Sale Closes

Well, it’s official: Stuy Town and Cooper Village is a closed deal. So much for all those reports of a snafu.

Wow, that was fast – literally, one month to the October day that owner MetLife agreed to sell the apartment complexes to an investment group led by Tishman Speyer.

The new owner’s official word: “Tishman Speyer is honored to become the steward of this wonderful property.”

And MetLife’s giddy announcement after the jump.

- John Koblin

MetLife Completes Sale of Peter Cooper Village and Stuyvesant Town

MetLife, Inc. (NYSE: MET) announced today that it has completed the sale of its Peter Cooper Village and Stuyvesant Town properties to a group led by Tishman Speyer and BlackRock Realty, the real estate arm of BlackRock, Inc. (NYSE: BLK), for $5.4 billion.

The properties were owned by the MetLife affiliate Metropolitan Tower Life Insurance Company.

The sale, which was announced on October 17, 2006, resulted in a gain of approximately $3 billion, net of income taxes, and will be reflected in the company’s fourth quarter 2006 financial results.

MetLife, Inc. is a leading provider of insurance and financial services with operations throughout the United States and the Latin America, Europe and Asia Pacific regions. Through its domestic and international subsidiaries and affiliates, MetLife, Inc. reaches more than 70 million customers around the world and MetLife is the largest life insurer in the United States (based on life insurance in-force). The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group insurance, reinsurance and retirement & savings products and services to corporations and other institutions. For more information, please visit http://www.metlife.com.