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Brooklyn's Starrett City Up For Sale
By
Jen Chung
Published Dec 1, 2006
Modified Mar 7, 2008
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By
Jen Chung
Published Dec 1, 2006
Modified Mar 7, 2008
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Maybe the new black is actually selling huge middle-income housing complexes. The NY Times reports that the 140 acre Starrett City apartment complex in Brooklyn is up for sale. And who's the broker? Why the firm of CB Richard Ellis, which handled the $5.4 billion sale of Stuyvesant Town-Peter Cooper Village to Tishman-Speyer. From the NY Times:
The complex, whose owner changed its name in recent years to the more chic-sounding Spring Creek Towers, is the largest federally subsidized rental complex in the country. Its approximately 14,000 residents live in 46 towers surrounded by well-manicured lawns. They have their own schools, churches, synagogues, shopping center, post office and power plant.
And the asking price for, as the Times puts it, a tract "relatively far from flashy Manhattan"? Around $1 billion. While most of the apartments at Starrett City are near market level, people are still worried that this sale is yet another sign that middle income families are being priced out of the city.
Since Starrett City is almost totally subsidized, there are some questions about whether or not tenants would be allowed to stay. The Times reports that City Councilman Charles Barron was assured most tenants would be able to stay, but he's going to make sure his constituents don't "get duped or gentrified."
Here's the Times on the creation of Starrett City and an interesting City Journal article about "subsidizing discrimination" there. Last year, the Village Voice looked at the development. And the caiman alligator found in Brooklyn the other day? It was left at Starrett City.
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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