REST FOR THE WEALTHY

Call it a “snag” or a “snafu,” either way, it’s moot. Last week, the New York Post and NewYorkBusiness.com each reported that MetLife Inc.’s $5.4 billion-sale of Stuyvesant Town and Peter Cooper Village to a group led by Tishman Speyer might be thwarted. Conjecture included the alleged finding that MetLife failed to file a record terminating ownership of Stuyvesant Town Corp., and the supposed discovery of an overlooked provision preventing MetLife from making more than a six percent annual profit. But by Nov. 17, the corporation proudly announced the completion of the sale. Their profit? Approximately $3 billion, which will be reflected in its fourth quarter 2006 financial results. Whatever Stuy Town’s fate, most of the housing market is experiencing a real, shall we say, reality check; that is, except for the nation’s most affluent (to whom, of course, reality doesn’t matter). The new multi-million dollar domiciles that have been sprouting up as of late have been fairly unaffected by the market’s—er—readjustment. In Manhattan, the average price per square foot for a condominium continues to increase, raising the median cost of a unit to more than $1 million. Let’s hope those residents of the newly minted Tishman Speyerville won’t be relocating anytime soon.