The August 2006 decision by insurance giant MetLife, Inc., to entertain offers for Stuyvesant Town-Peter Cooper Village, a multibillion-dollar New York landmark, produced a bonanza of bidders. To close the deal for his client, Jonathan Mechanic, 54, of New York’s Fried, Frank, Harris, Shriver & Jacobson had to draw on both his legal savvy and his personal relationships.
- Dealmakers: Real Estate
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The $5.4 billion sale of Manhattan’s largest apartment complex on October 17 involved 110 red-brick buildings on land adjacent to the East River. The complex attracted an onslaught of prospective purchasers: developers, investment banks, pension funds, REITs, and Arab sheikhs. Matters were further complicated when a residents association submitted its own $4.5 billion offer.
