MetLife's planned sale of Stuyvesant Town and Peter Cooper Village for a cool $5.5 billion might have just hit the mother of all snags. According to Crains, the deal could be put asunder by a "little-known provision" dating to 1942 that says MetLife agreed that it would make no more than a 6% annual profit on the complex. Whether the terms of the agreement are still in effect, or even binding, remains to be seen.
· MetLife Real Estate Deal Could be Derailed [Crains]
· Curbed Cheatsheet: Peter Cooper/Stuyvesant Town Sale [Curbed]