Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
New Deal to Sell Starrett City and Keep it Affordable
By
Jen Chung
Published Jun 2, 2008
Modified Jun 2, 2008
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
By
Jen Chung
Published Jun 2, 2008
Modified Jun 2, 2008
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
The NY Times reports that owners of Starrett City will attempt to sell the 140-acres Brooklyn apartment complex again, after reaching "an agreement with federal, state and city officials" that the complex will remain affordable.
Last year, Starrett City, which is the largest federally subsidized development (and considered one of the most successful), was sold for $1.3 billion, only for the sale to be blocked and later rejected outright by the federal Department of Housing and Urban Development, which needed to approve the deal, over concerns about the buyer's financial plan. Now, the government has agreed not to block a new sale since Starrett City's owners will keep affordable housing.
Other details: The state will "forgo an estimated $13 million in interest payments owed by the current owners, and the city would continue to offer a property tax abatement." Also, the city will "assist a new owner in gaining approval for new retail and housing development" on the property.
The deal is being hailed by tenants' advocates and lawmakers alike; Senator Charles Schumer who was an outspoken opponent to last year's deal said, "I never really thought we could get such a happy solution." The property will go on sale tomorrow, and bids are expected to be in the $600-800 million range.
Tagged
affordable housing
brooklyn
development
real estate
starrett city
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
Forest Hills Stadium can keep its concerts under deal with neighbors
Neighbors had complained of traffic and loud concerts for years.
By
Ryan Kost
Published Oct 22, 2026 at 2:49 p.m. ET
NYC Council to grill Mamdani officials on collapsed Hunts Point Produce Market deal
Council Speaker Julie Menin called the $650 million plan "mission critical."
By
Elizabeth Kim
News
NYC Council to grill Mamdani officials on collapsed Hunts Point Produce Market deal
Council Speaker Julie Menin called the $650 million plan "mission critical."
By
Elizabeth Kim
NYPD arrests 17-year-old in fatal Midtown subway platform shooting
By
Charles Lane
Ex-Adams aide accused of pocketing kickbacks from community program funds
By
Samantha Max
MTA to begin 6-year project to upgrade signal tech on A and C lines in Brooklyn and Queens
By
Ramsey Khalifeh
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .