NEW YORK - A pair of apartment complexes is expected to be the United States' most expensive real estate sale when they go up for auction.
Stuyvesant Town and Peter Cooper Village, home to about 25,000 people in New York, are being sold together by the insurance giant Metropolitan Life and are expected to fetch US$5 billion ($7.67 billion).
They cover 10 city blocks and flank the East River. Together they comprise 110 buildings with 11,000 apartments of different sizes.
Met Life has spent US$300 million sprucing up the complexes over recent years, which in itself prompted rumours of a likely sale.
According to The Times, prospective bidders are already forming a queue and include UBS Bank, The Blackstone investment firm, a group of Dubai investors and leading New York property development dynasties.
- INDEPENDENT
Do I hear $5 billion, $5 billion anyone?
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