Stuyvesant Town real estate is situated within a large, private residential development on the East Side of the borough of Manhattan. The development was first planned in 1943, and is one of the most iconic and successful of all New York post-war private housing communities. The first piece of Stuyvesant Town real estate was purchased by two World War II veterans and their families during August of 1947.
Stuyvesant Town real estate was named for the last Director-General of New Amsterdam, Peter Stuyvesant, whose farm occupied the site in the seventeenth century. Before the construction of Stuyvesant Town real estate, the neighborhood consisted of 18 typical city blocks, complete with public schools, churches, factories, private homes, apartments, small businesses, and new modern-style apartment buildings.
Today, many are attracted to Stuyvesant Town real estate for its extensive collection of classic red brick apartment buildings that stretch from First Avenue to Avenue C, between 14th and 20th Streets. The development spans about 80 acres of land, and consists of 8,757 apartments. It is bordered by the East River/Avenue C on the east, the famed Gramercy neighborhood on the west, the East Village to the south, and Kips Bay to the north. To the west of Stuyvesant Town real estate is the prominent Stuyvesant Square, which is a two-block park surrounded by the old Stuyvesant High School, Saint George’s Church, and the renowned Beth Israel Medical Center.
Many residents of Stuyvesant Town real estate refer to the development as simply “Stuy Town.” The unique complex is home to an array of trees, grass, squirrels, and an impressive 12 parks, open for use by residents. Stuyvesant Town real estate is quite popular for these reasons, which support the statement made by MetLife president Frederick Ecker in 1943, that “’Stuy Town’ made it possible for generations of New Yorkers to live in a park—to live in the country in the heart of New York.”
Some of the highly desirable services that are available to Stuyvesant Town residents – a major draw for those seeking Manhattan real estate – include emergency electrical and plumbing maintenance, as well as a solid security force that exists mainly of New York Police Department (N.Y.P.D.) Special Patrolmen. More recently, services were expanded to include modernized elevators and lobbies, a new community center, a central fountain, putting green, and a photo-ID key-card system.
The sister community of Stuyvesant Town is Peter Cooper Village, which is situated east of New York’s Gramercy Park, between First Avenue and Avenue C, extending between 20th and 23rd Streets. Peter Cooper Village sits directly north of Stuyvesant Town real estate, which extends from Peter Cooper’s southern border down to 14th Street. Along with Stuyvesant Town real estate, Peter Cooper Village has a combined 110 buildings, 11,250 apartments, and over 25,000 residents.
Recently in 2006, the Metropolitan Life Insurance Company (MetLife) sold the entire complex of Stuyvesant Town and Peter Cooper Village to Tishman Speyer for a record $5.4 billion. The sale was the biggest deal to date for a single American property. Tishman Speyer Properties is a leading area real estate building and operating company set up in 1978 by two founding partners, Jerry Speyer and Robert Tishman.
Although Stuyvesant Town real estate boasts an older project-style architecture and layout, it is as desirable a place to live today as it was in 1946, when MetLife first began accepting rental applications. Current rental prices for apartments in the development range from $3000-plus for a one bedroom apartment to $7500-plus for a five bedroom unit. These rental prices are based on the recent years in which the Alphabet City and Lower East Side neighborhoods of Manhattan have experienced a surge in popularity and in property values. There are some Stuyvesant Town residents who have lived in the apartments for several years and are paying thousands less per month than market rate, due to rent control laws.
If you are looking to sell Stuyvesant Town real estate, trust the real estate professionals of Sellers Realty Group to assist you with listing and selling your property in this charming area. Call our team today at 212-482-0000 for Manhattan or 718-937-7900 for Brooklyn and Queens.
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