Stuyvesant Town–Peter Cooper Village

Coordinates: 40°43′54″N 73°58′40″W / 40.73167°N 73.97778°W / 40.73167; -73.97778

Stuyvesant Town as seen from First Avenue, looking uptown (north-northeast) (2006)
Stuyvesant Town as seen from Stuyvesant Cove Park on the East River; the FDR Drive is in the foreground

Stuyvesant Town–Peter Cooper Village is a large, post-World War II private residential development, on the east side of the New York City borough of Manhattan. Stuyvesant Town, known to its residents as "Stuy Town",[1] was named after Peter Stuyvesant, the last director-general of the Dutch colony of New Amsterdam, whose farm occupied the site in the 17th century. Peter Cooper Village is named after the 19th century industrialist, inventor and philanthropist Peter Cooper, who founded Cooper Union. The complex, which was planned beginning in 1942 and opened its first building in 1947, replaced the Gas House district of gas storage tanks.

The complex is a sprawling collection of red brick apartment buildings stretching from First Avenue to Avenue C, between 14th and 23rd Streets. It covers about 80 acres (320,000 m2) of land, a portion of which is utilized for playgrounds and parkland. The development located between 14th and 20th Streets, Stuyvesant Town, has 8,757 apartments in 89 residential buildings. Combined with Stuy Town's sister development Peter Cooper Village, located between 20th and 23rd Streets, the complex has a total of 110 residential buildings, 11,250 apartments and more than 25,000 residents.[2]

The combined development is bordered by the East River/Avenue C on the east, the Gramercy Park neighborhood on the west, the East Village and Alphabet City to the south, and Kips Bay to the north. The surrounding area to the west is notable for a historic two-block park surrounded by the old Stuyvesant High School called Stuyvesant Square, Saint George's Church, and the Beth Israel Medical Center.

In 2015, the complex was sold to Ivanhoé Cambridge and Blackstone for 5.3 Billion USD[3].

History

East 20th Street looking east in the direction of First Avenue in 1938. This picture shows two of the huge gas holders that gave the area the name Gas House District; the block in the foreground did not become part of the Stuyvesant Town–Peter Cooper Village complex, but the area on the east side of First Avenue, where the tanks are, did. (Photo by Berenice Abbott)

Gas House District

In 1842, one gas storage tank at East 23rd Street and the river was erected,[4](p187–189) quickly followed by the construction of other gas tanks, and by the late 19th century, the site of the complex had become known as the "Gashouse District" because of the many tanks that dominated the streetscapes.[5] The tanks, which sometimes leaked, made the area undesirable to live in, as did the Gas House Gang and other predators who operated in the area. The population was predominantly poor, at first largely Irish, but then Germans and Jews as well; later, Slovaks and other Eastern Europeans were the dominant ethnic groups, including a large population of Armenians who lived in the upper Twenties between First and Lexington avenues.[6] Crime in the district was endemic. When Alexander S. Williams was promoted to police captain on May 31, 1872 and assigned to the area, he met the gangs' violence with equal force of his own, putting together a brute squad that beat up gangsters with clubs. He commented: "There is more law at the end of a policeman's nightstick than in a decision of the Supreme Court."[7]

With the construction of the FDR Drive, the area began to improve. By the 1930s, all but four tanks were gone,[6] and, while shabby, the area was no more blighted than many parts of the city after the years of the Great Depression.

Before the construction of Stuyvesant Town, the neighborhood contained 18 city blocks, with public schools, churches, factories, private homes, apartments, small businesses and even relatively new modern-style apartment buildings. In all, 600 buildings, containing 3,100 families, 500 stores and small factories, three churches, three schools, and two theaters, were razed. As would be repeated in later urban renewal projects, some 11,000 persons were forced to move from the neighborhood. In 1945, The New York Times called the move from the site "the greatest and most significant mass movement of families in New York's history."[8] The last residents of the Gas House district, the Delman family, moved out in May 1946, allowing demolition to be completed shortly thereafter.[9]

Planning

Due to a housing crisis that had been growing since the Depression, Stuyvesant Town was already being planned as a post-war housing project in 1942–43, some years before the end of World War II. A provision was made that the rental applications of veterans would have selection priority.[10] The complex was developed by the Metropolitan Life Insurance Company, and was based on its earlier development in the Parkchester neighborhood of the Bronx, which was completed in 1942. The same companies and developers also built Riverton, which was completed around the same time.

Metropolitan Life president Frederick H. Ecker said of Stuyvesant Town in its initial offering that it would make it possible for generations of New Yorkers "to live in a park – to live in the country in the heart of New York."[11] On the first day the company received 7,000 applications; it would receive 100,000 applicants by the time of first occupancy. The complex's first tenants, two World War II veterans and their families, moved into the first completed building on August 1, 1947.[12] In 1947, rents ranged from $50 to $91 per month. Current rents range from $3,300 for a one bedroom apartment to $9,000 for a 5 bedroom unit.[13]

Stuyvesant Town (bottom and left) and Peter Cooper Village (top and right) as seen from the air over the East River looking northwest (2012)

Controversy

Stuyvesant Town was controversial from the beginning. In 1943, the National Association of Housing Officials described the fight as "a battle up to now lacking only in beer bottles and murder."[14] Although nominally a private development, it was championed by Parks Commissioner Robert Moses, who has been called the "dominant force in [the] creation" of both Stuyvesant Town and Peter Cooper Village.[15] At the behest of Mayor LaGuardia, Moses sought "to induce insurance companies and savings banks to enter the field of large-scale slum clearance."[16] It was enabled by various state laws and amendments which permitted private companies to enter what was previously a public field of action.[17]

Stuyvesant Town's central green, the Oval
The fountain in the Oval

The new public-private partnership, and the contract entered between the city and the developer, the Metropolitan Life Insurance Company, were the source of much debate. Among the issues at stake were use of the power of eminent domain for private purposes; the reversion of public streets and land, such as public school property, to private ownership; the 25-year tax exemption granted by the contract; and the lack of any restrictions on the company prohibiting discrimination in selecting tenants.[18]

When the $50 million Stuyvesant Town plan was approved by the City Planning Commission on May 20, 1943 by a five to one vote, discrimination against African-Americans was already a significant topic of debate. Councilmen Stanley M. Isaacs and Adam Clayton Powell Jr. sought to introduce a provision into the contract that would prevent racial or religious discrimination in tenant selection. This provision was not accepted, with those rejecting it, including Robert Moses, arguing that the company's profitability would be harmed and that opponents were "obviously looking for a political issue and not for results in the form of actual slum clearance."[19] In the years after it opened, blacks were barred from living in the complex, with Metropolitan Life's president, Frederick H. Ecker, stating that "negroes and whites do not mix".[20] Lee Lorch, a City College of New York professor, petitioned to allow African Americans into the development and was fired from his teaching position as a result of pressure from Metropolitan Life. Upon accepting a position at Pennsylvania State University, Lorch allowed a black family to occupy his apartment, thus circumventing the no Negroes rule.[21] As a result of pressure from Metropolitan Life, he was dismissed from his new position as well.[22][23]

Lawsuits were filed on the basis that the project was public or semi-public, and thus violated anti-discrimination laws for New York City public housing. In July 1947, the New York Supreme Court determined that the development was private and that, in the absence of laws to the contrary, the company could discriminate as it saw fit. The court wrote, "It is well settled that the landlord of a private apartment or dwelling house may, without violating any provision of the Federal or State Constitutions, select tenants of its own choice because of race, color, creed or religion... Clearly, housing accommodation is not a recognized civil right."[24] The suit brought by three African American war veterans was thus settled.

By this date, Metropolitan Life was building the Riverton Houses, a separate-but-equal housing project in Harlem with residents who were mainly black. Some years later, the company admitted a few black families to Stuyvesant Town and a few white families to Riverton. Both projects, however, remain largely segregated.[25]

A host of other issues and controversies surrounded Stuyvesant Town's planning and design. From the first outset, objections were made to the haste with which the project was approved and lack of public participation in the process; the project's population density; the absence of any public facilities such as schools, community centers, or shops in the development; the gated-community, private property character of the complex and the denial of city residents of the right to walk through a part of the city that was once public; and violations of the city's master plan. Lawsuits were brought by property owners of the land, but in February 1944 the Supreme Court of the United States refused to review the constitutionality of the New York State law that enabled the development, despite the taking of public property for private profit, the granting of tax exemptions, and the public benefits advanced by the developers and their advocates.

Recent years

2006 sale

View of central Manhattan from Stuyvesant Town

On October 17, 2006, MetLife agreed to sell the complex to Tishman Speyer Properties and the real estate arm of BlackRock for $5.4 billion. The sale was expected to close by November 15, 2006, according to documents which CB Richard Ellis, a commercial real estate broker representing MetLife, sent to bidders. MetLife hired a broker, who started registering bidders, and intended to name a winner by November 2006. The sale had drawn interest from dozens of prospective buyers, including New York's top real estate families, pension funds, international investment banks and investors from Dubai, according to the New York Times, citing real estate executives.[26]

New York City Council member Daniel Garodnick, a lifelong resident of Peter Cooper Village, attempted to organize tenants and investors to place a buyout bid on the complex. Initially, MetLife deemed the tenants group an unqualified bidder, but, after being pressured by elected officials, the company reversed itself, and distributed bid books to the tenant group; bids were to have been submitted by October 5, 2006.[27] Both the tenants' bid and one by Apollo Group fell short of Tishman Speyer's offer, though the latter came within $100 million of Speyer's $5.4 billion.[28]

On January 22, 2007, a class action lawsuit was filed against MetLife, Tishman Speyer Properties, and their associates on behalf of the market rate tenants of Stuyvesant Town and Peter Cooper Village. The suit claimed that MetLife was improperly charging tenants "market rate" rents while at the same time receiving real estate tax benefits from the City of New York under the J-51 program, which requires property owners to maintain apartments as rent stabilized during the period in which they are receiving benefits. The lawsuit asked for a monetary award of between $215 million and $320 million in rent overcharges and damages. Furthermore, it called for the market rate apartments to revert to rent stabilization until the expiration of the J-51 benefit period, sometime after 2017.[29]

2010 default

In January 2010, Tishman Speyer Properties defaulted on the mortgage, the largest commercial mortgage default in U.S. history. On January 24, 2010, Tishman Speyer Properties gave up control of the properties by handing the complex to creditors, thereby avoiding a bankruptcy of the site.[30] The default was predicted many months in advance; Fitch ratings downgraded the associated CMBS in August 2009.[31] As of January 2010, the complex was estimated to be worth around $1.9 billion or less than 40 percent of the $5.4 billion the property was purchased for in 2006.[32] While the legal battle over rent stabilization played a small role in the demise, it is likely Tishman Speyer would have defaulted even had it won the case. The assumptions underlying the $5.4 billion 2006 valuation were extremely aggressive; the valuation assumed that the income from the properties would triple by 2011.[33] The landmark sale and default are the subject of the 2013 book Other People's Money: Inside the Housing Crisis and the Demise of the Greatest Real Estate Deal Ever Made by New York Times real estate reporter Charles V. Bagli, who covered Stuyvesant Town for the newspaper.

2015 sale

20th Street in 2010, looking west toward Peter Cooper Village. On the left is Simon Baruch Middle School (IS 104), built in 1954.

As of October 2015, the property is set to be sold to Blackstone Group LP and Ivanhoé Cambridge, the real-estate arm of pension-fund giant Caisse de dépôt et placement du Québec for about $5.3 billion. Blackstone recently raised a $15.8 billion fund, the largest real-estate fund ever. New York City is expected to contribute $225 million to help preserve a portion of the complex as affordable to low- and middle-income residents. Under a binding agreement with the city, Blackstone has agreed to keep roughly 5,000 units below market rents until at least 2035. Most of those units will be aimed at what the developers and the city classify as "middle income" families: two-bedroom apartments, for example, will rent for about $3,200 a month, a rent considered affordable for a family of three making up to $128,000 a year, though the median household income in New York City as of the 2011-2015 American Community Survey was $53,373.[34] About 500 units will be set aside for lower-income families, with two-bedroom units renting for up to $1,500 a month.[35] Fannie Mae will be providing Blackstone with a $2.7 billion loan through Wells Fargo Multifamily Capital. The debt will have a term of 10 years.[36]

Growing rents and a gradual conversion of more rent-regulated units to market rates has brought the net operating income of the property up each year since 2006. With about 45% of the complex’s residents still paying the regulated rents – down from 71% in 2006 – income is above $200 million a year.[37]

Security

The complex has its own public safety force, most of whom are sworn peace officers. While they are not permitted to carry firearms, they do carry batons, pepper spray, and handcuffs. As peace officers, they have full law enforcement powers, and they patrol the property in specialized vehicles.[38][39]

As of late March 2009, security cameras were installed and activated in all Stuyvesant Town buildings. In addition, sensors were installed on the roof doors to prevent unauthorized access. There are over 1,200 surveillance cameras located throughout the complex, which are all connected to the Stuy Town security HQ in the Oval. [40]

The requirement of photo ID card-keys was introduced in mid-October 2008 in Stuyvesant Town, and replaced door keys to each building's lobby.[41] The parking garages along Avenue C, 20th Street, and 14th Street also implemented a key-card access system and installed security cameras.

Town & Village newspaper

The community has its own newspaper, Town & Village, also known as "the T&V". It was first published in 1947 and has been published every week since, covering news in Stuyvesant Town, Peter Cooper Village, Waterside Plaza, and Gramercy Park.[42] The paper was founded by Charles G. Hagedorn and as of the late 2000s (decade) is published by Hagedorn Communications. Town & Village is independent and not affiliated with the ownership of the complex.

Notable residents

A tree-lined path through Stuyvesant Town in August 2008

See also

References

Notes

  1. ↑ "City Living: Stuyvesant Town". Newsday. November 2, 2006.
  2. ↑ Oser, Alan S. "The Upscaling of Stuyvesant Town", The New York Times, January 28, 2001. Accessed December 18, 2016. "There are 11,250 apartments within 110 buildings in the two projects.... Stuyvesant Town and Peter Cooper Village house an estimated 25,000 to 30,000 people in 11,250 apartments on 80 acres of land from First Avenue to the East River between 14th Street and 23rd Street."
  3. ↑ http://www.cbc.ca/news/business/ivanhoe-blackstone-in-deal-to-buy-5-3b-manhattan-apartment-complex-1.3280460
  4. ↑ Federal Writers' Project (1939), New York City Guide, New York: Random House, ISBN 0-403-02921-X (Reprinted by Scholarly Press, 1976; often referred to as WPA Guide to New York City)
  5. ↑ "Huge Gas Tank Collapses". The New York Times. December 14, 1898. p. 1. Retrieved 2010-07-20.
  6. 1 2 Federal Writers' Project (1939), New York City Guide, New York: Random House, ISBN 0-403-02921-X (Reprinted by Scholarly Press, 1976; often referred to as WPA Guide to New York City), p.190
  7. ↑ Burrows, Edwin G. & Wallace, Mike (1999), Gotham: A History of New York City to 1898, New York: Oxford University Press, ISBN 0-195-11634-8, p.999
  8. ↑ Cooper, Lee E. (March 3, 1945). "Uprooted Thousands Starting Trek From Site for Stuyvesant Town". The New York Times. p. 13. Retrieved 2010-07-18.
  9. ↑ "Last Tenant Vacated in Stuyvesant Town". The New York Times. May 5, 1946. p. 18. Retrieved 2010-07-18.
  10. ↑ "Hearing Advances Big Housing Plan; Further Action Due May 19 on Metropolitan Life Project". The New York Times. May 6, 1943. p. 36. Retrieved 2010-07-11.
  11. ↑ "Housing Plan Seen As A "Walled City"". The New York Times. May 20, 1943. p. 23. Retrieved 2010-07-18.
  12. ↑ "Stuyvesant Town to Get Its First Tenants Today". The New York Times. August 1, 1947. p. 19. Retrieved 2010-07-11.
  13. ↑ "Floorplans". Stuyvesant Town. Retrieved 2010-07-11.
  14. ↑ Laurence, Peter (June 2006). "The Death and Life of Urban Design". Journal of Urban Design. 11 (2): 151.
  15. ↑ Caro, Robert A. (1975). The Power Broker. New York: Vintage Books. p. 7. ISBN 0-394-72024-5.
  16. ↑ Moses, Robert (June 3, 1943). "Stuyvesant Town Defended". The New York Times. p. 20. Retrieved 2010-07-20.
  17. ↑ "[For] projects such as Stuyvesant Town, Peter Cooper Village, Riverton and Concord Village ... though the money that built them was supposedly private money, the tax abatement that Moses arranged for them would, when totaled over the years, insure that the public investment in them would dwarf the private, and the powers that Moses utilized to make possible not only their construction but the assemblage of their sites – eminent domain, street closings, utility easements – were all public." Caro, Robert A. (1975). The Power Broker. New York: Vintage Books. p. 968. ISBN 0-394-72024-5.
  18. ↑ Staff. "STUYVESANT TOWN APPROVED BY BOARD; Form of Contract and Plans for Housing Project Pass Estimate Body, 11-5 OPPONENTS CHARGE BIAS Nathan and Morris Oppose the Proposition on Ground That Negroes Would Be Barred STUYVESANT TOWN APPROVED BY BOARD", The New York Times, June 4, 1943. Accessed December 18, 2016. ""The chief objection voiced by more than a score of speakers was that the contract contained no clause that would prevent the Metropolitan company from discriminating against Negroes in renting. Those holding this view contended that since Metropolitan had been granted the right of eminent domain as well as a 25-year tax exemption on the improved property, the project was public in nature and should be protected from discrimination."
  19. ↑ "Hearing Is Ordered on Housing Project". The New York Times. May 29, 1943. p. 11. Retrieved 2010-07-20.
  20. ↑ Bagli, Charles V. (October 18, 2006). "$5.4 Billion Bid Wins Complexes in New York Deal". The New York Times. Retrieved 2007-10-16. The company barred blacks from living in Stuyvesant Town for many years, and its president at the time, Frederick H. Ecker, once said, “Negroes and whites do not mix.
  21. ↑ According to Lorch, he did not sublet the apartment, which would have violated his own lease. He allowed a friend who was black to move in with his family without paying rent.
  22. ↑ "Mathematician Lorch Wins Award for Activism" (Press release). York University. January 8, 2007. Retrieved 2010-07-20.
  23. 1 2 Bagli, Charles V. (November 21, 2010). "A New Light on a Fight to Integrate Stuyvesant Town". The New York Times. Retrieved 2010-12-19.
  24. ↑ "Race Housing Plea Quashed By Court". The New York Times. July 29, 1947. p. 23. Retrieved 2010-07-20.
  25. ↑ Martin, Douglas. "COMMUNITY; Stuy Town: Urban Dream at Midlife", The New York Times, March 8, 2000. Accessed December 18, 2016. "MINORITY acceptances continued to be negligible, sparking lawsuits well into the 60's. Part of MetLife's response was to build a similar project in Harlem where most tenants would be black. Called Riverton, its 1,232 units made it considerably smaller than Stuyvesant Town's 8,756. But the apartments were carbon copies, the grounds were similar and the two complexes shared recreation staffs."
  26. ↑ MetLife's Stuyvesant, Cooper Village Sale Could Hit $5B , Commercial Property News, August 30, 2006
  27. 1 2 Finn, Robin (September 22, 2006). "25,000 Constituents, Their Destiny on the Line". The New York Times. Retrieved 2010-07-11.
  28. ↑ Barrett, Wayne (September 1, 2009). "Bloomberg Keeps His Billions Separate From His Mayoral Obligations? Yeah, Right!". The Village Voice. Retrieved 2010-07-11.
  29. ↑ Bagli, Charles V. "Suit Challenges Rent Jumps in Complexes MetLife Sold", The New York Times, January 23, 2007. Accessed December 18, 2016.
  30. ↑ Bagli, Charles V. (January 25, 2010). "N.Y. Housing Complex Is Turned Over to Creditors". The New York Times. Retrieved 2010-07-11.
  31. ↑ Golobay, Diana (August 28, 2009). "Fitch Downgrades Four CMBS Transactions on Likely Default". Housing Wire. Retrieved 2012-04-23.
  32. ↑ "Fitch Downgrades Four CMBS Transactions on Likely Default". The Economist. January 28, 2010. Retrieved 2012-04-23.
  33. ↑ Sherman, Gabriel (February 1, 2009). "Clash of the Utopias". New York Magazine. Retrieved 2012-04-23.
  34. ↑ DP03: SELECTED ECONOMIC CHARACTERISTICS from the 2011-2015 American Community Survey 5-Year Estimates for New York City, New York, United States Census Bureau. Accessed February 28, 2017.
  35. ↑ Kusisto, Laura; Brown, Eliot; and Dawsey, Josh. "Blackstone Leads Deal to Buy Stuyvesant Town Housing Complex"The Wall Street Journal (October 19, 2015)
  36. ↑ Heschmeyer, Mark (December 7, 2015). "Fannie Mae To Provide $2.7 Billion in Financing for Stuyvesant Town-Peter Cooper Village Buy". CoStar. Retrieved December 8, 2015.
  37. ↑ Brown, Eliot. "Stuyvesant Sale Typifies Boom in Real Estate" The Wall Street Journal (October 20, 2015)
  38. ↑ Mr Flikker. "Stuy Town Turkey" (photograph)". flickr.com. Retrieved June 11, 2015.
  39. ↑ "Resident Help: Public Safety" StuyTown website
  40. ↑ says, Tom (2014-03-31). "New command center offers better access to Public Safety". Town & Village. Retrieved 2017-06-08.
  41. ↑ Stuy Town key card fuels controversy, The Real Deal, October 15, 2008.
  42. ↑ Official website (T&V)
  43. ↑ Saul, Michael (June 22, 2008). "David Axelrod is a New York City boy who has Barack Obama's ear". Daily News. New York. Retrieved 2008-12-04. “Perched atop a mailbox near his family's apartment in Stuyvesant Town, 5-year-old David Axelrod watched intently as a charismatic John F. Kennedy rallied New Yorkers for his presidential campaign in the fall of 1960.
  44. 1 2 3 4 Jonas, Ilaina; Gralla, Joan (October 22, 2009). "NY court rules against Stuyvesant Town owners". Reuters. Retrieved 2010-07-11.
  45. ↑ Dwyer, Jim (September 2, 2008). "With Palin, Special Needs Get Spotlight". The New York Times. Retrieved 2010-07-11. “When Chris was born, there was absolutely nothing out there,” said Mrs. Burke, who raised her family in Stuyvesant Town.
  46. ↑ Stonger, Karol (July 31, 1989). "No More Suspense". Chicago Tribune. The Clarks, married in 1950, spent the first few years in Stuyvesant Town, a middle-income project in Manhattan.
  47. ↑ Friedman, Danielle (February 26, 2009). "Making Sense of Uncertain Financial World". Our Town. New York. Retrieved 2010-07-11. Glick does have game. She was named to New York’s All-City basketball team while attending high school at Dalton. In those days, she commuted back and forth from Stuyvesant Town, where she grew up.
  48. ↑ Lempel, Jesse. "Jewish Start-Up CEO Rachel Jacobs Killed in Amtrak Tragedy", The Forward, May 13, 2015. Accessed December 18, 2016. "Jacobs, 39, who grew up outside Detroit, lived in Manhattan’s Stuyvesant Town and is married with a 2-year-old child."
  49. ↑ Marchese, John (October 8, 2000). "My Escape From New York; Stuy Town". The New York Observer. Retrieved 2010-07-11. Because Stuy Town and Peter Cooper Village are run by a giant insurance company, the bureaucracy is rather Kremlin-like. As a supplicant, you assume that it will be greatly to your advantage to know somebody. Being a cop, or dating one, is said to help. When Lee Brown arrived in town to become David Dinkins' Police Commissioner, his name magically went to the top of the list at Peter Cooper Village. There are tales of an Irish Mafia that somehow has infiltrated the selection process. Frank McCourt once assured me that his last name was the secret to gaining a space years ago, long before Angela's Ashes.
  50. ↑ Witchel, Alex (September 26, 2001). "In the Heart of TriBeCa, A Pioneer Presses On". The New York Times. Retrieved 2007-10-21. Born at Mount Sinai Hospital, Mr. Nieporent grew up in Peter Cooper Village in Manhattan, the younger of two sons, and graduated from Stuyvesant High School.
  51. ↑ Lyman, Rick (September 5, 1997). "Be It Ever So Urban, It's Green". The New York Times. Retrieved 2007-10-09. Paul Reiser, the former stand-up comic who became a movie actor, scriptwriter, television star and best-selling author, grew up in this inward-looking urban cloister of red brick apartment houses between 14th and 20th Streets, from First Avenue to FDR Drive in Manhattan.
  52. ↑ "From Gashouse to Stuyvesant to Luxe Condos", All Things Considered, October 18, 2006. Accessed December 18, 2016. "ROBERT SIEGEL, host: My childhood home was sold this week in the biggest real estate transaction in American history. It went for over $5 billion. Granted, the buyer got more than the three-bedroom apartment where I grew up; they also got about 11,000 other units, all of which make up Stuyvesant Town and the somewhat smaller and tonier Peter Cooper Village."

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