In an incredible attempt to thwart the upcoming closing of the largest sale in history, Stuy Town/Peter Cooper Village for $5.5 billion, the law firm of Trautman Saunders—no surprise that they represent the tenants who attempted to buy the complex to "save" it from developers—found a provision in a 1942 document (what, no statute of limitations?) indicating that MetLife agreed to accept no more than 6% profit annually from any future sale of the complex.
Okay, let’s do a little calculation. At an original price of $50 million with 6% interest compounded annually they couldn’t sell for more than $617,540,051.41. So, the city would reap an "extra" profit of $4,882,459, 948.59. Now, if the numbers make your head hurt, they could sell for roughly $618 million and would have to fork over about $4.9 billion to the city. My bet, that’s not happening, but you can’t fault Trautman Saunders for trying!
Head over to Curbed for more on the Stuy Town/Cooper Village Sale Surprise Snag.
