Last week, we featured properties in New York City that were sold for only one dollar. This week, we’re looking at the flip side: some of the most expensive real estate deals that have taken place in New York City. This goes beyond the $100+ million dollar apartment listings you’re familiar with – these deals give you a sense of not only the size of transactions here in the city but the scale of the urban development that emerge from them.
All of these deals were over $1 billion, and included both single buildings and large complexes. We’ve come a long way from the “Million Dollar Corner,” on 34th Street and Broadway, which in 1911 was the most ever paid for a plot of land. In 2015 dollars, that sale for the 1,200 square foot corner would have been equivalent to $25.7 million.
1. Stuyvesant Town-Peter Cooper Village: $5.45 Billion
-Peter Cooper Village covers 80 acres of Manhattan, making it New York City’s largest apartment complex. The urban renewal parcel was built with a priority to returning veterans from World War II, with support from none other than Robert Moses.
In 2015, Stuyvesant Town and Peter Cooper Village were sold to Blackstone Group by CWCapital Asset Management, which represented the bondholders on the property. In 2006, BlackRock Realty Advisors and Tischman Speyer bought the properties for $5.4 billion but had lost it by 2009 when Tischman Speyer defaulted on the mortgage. When the 2015 deal was completed, it was the largest real estate transaction ever to take place in New York City.