The Real Deal New York

From the April issue: Hip isn’t the first word that comes to mind upon mention of Stuyvesant Town and Peter Cooper Village. But the new owners of the mega-complex are hoping for younger tenants as they re-brand the property and continue to change some of the stodgier rules that have defined life at the development. Some changes, such as opening up the lawns for play and sunbathing, have ruffled feathers and exposed a culture clash between newcomers and the old guard, who object to the more raucous atmosphere youthful residents bring. In 2006, Tishman Speyer and BlackRock Realty made headlines when they bought Peter Cooper Village and Stuyvesant Town from MetLife for $5.4 billion, the largest single property sale in U.S. history.