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MetLife to Sell Two NY Properties for $5.4 Billion

In a sale that might be the biggest in U.S. history, MetLife Inc. said it agreed to sell two massive apartment complexes in Manhattan for...
October 31, 2006

In a sale that might be the biggest in U.S. history, MetLife Inc. said it agreed to sell two massive apartment complexes in Manhattan for $5.4 billion. MetLife expects the planned sale to Tishman Speyer, a New York-based real estate owner, developer and investor, to result in a $3 billion after-tax gain. The two properties together make up the largest apartment complex in Manhattan, with more than 11,200 units spread across 80 acres, according to MetLife, which has owned them for almost 60 years. An equity analyst with Goldman Sachs wrote that MetLife is likely to use the net cash proceeds in the future for buybacks and acquisitions.

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