MetLife Sells Apartments

MetLife (MET Quote) sold its Peter Cooper Village and Stuyvesant Town apartment complexes in Manhattan to Tishman Speyer and BlackRock (BLK Quote) for $5.4 billion.

New York-based MetLife said it expects an after-tax gain of $3 billion in the fourth quarter, when closing is expected. The company said it got bids from multiple parties.

The Peter Cooper Village and Stuyvesant Town properties together make up the largest apartment complex in Manhattan, totaling over 11,000 units, spread over 80 contiguous acres. The properties are bounded on the west by First Avenue, to the east by FDR Drive and the East River, to the north by 23rd Street and to the south by 14th Street.