$5.4 billion is a LOT of money to pay for 11,277 apartments even if they are located in Manhattan. I only wish the good people at Tishman Speyer Properties and BlackRock Realty would have asked me about making a deal for the Peter Cooper Village and Stuyvesant Town complex back in 2006. I would have told them that they were paying way too much and it could have saved a whole lot of people a whole lot of cash. Instead they made the deal and now we have this colossal mess.
The story of the Peter Cooper Village and Stuyvesant Town complex is an interesting one that dates back to the 1940's. When you are covering price ceiling's with your students you may want to have them do a little investigating to learn more about how the market wasn't exactly allowed to do its thing with Peter Cooper Village and the Stuyvesant Town complex.