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Dubai real estate investment firm bids for New York residential complex |
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Saturday, 02 September 2006 |
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he Dubai-based real estate investment firm and subsidiary of government-owned Dubai World, Istithmar would be bidding for the Stuyvesant Town/Peter Cooper Village complex, an upmarket apartment cluster on Manhattan’s East side. According to reports, the 80-acre site has a target price of $5 billion
“The complex is a very high-profile transaction. The scope of the project is not something we have seen before,” said Jonathan Miller, President and Chief Executive of the real estate appraisal and consulting firm, Miller Samuel. Its owner, the insurance company Metlife Inc, had announced in July that it was contemplating whether to sell the property. The apartment complex houses more than 11, 200 units, stretching from 14 th Street to 23 rd Street from First Avenue to Avenue C and the FDR Drive.
Edwina Baniqued
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Real Estate News 