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Starrett City Owners Decide Not To Sell
By
Jen Chung
Published Feb 18, 2009
Modified Feb 18, 2009
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By
Jen Chung
Published Feb 18, 2009
Modified Feb 18, 2009
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Over two years after putting Brooklyn's 140-acre Starrett City complex on the block, its owners have thrown in the towel and will no longer look for a buyer for the country's largest subsidized housing development. The NY Times reports the group of investors "cited the faltering economy and a lack of financing as the reasons" but "the sale may have foundered over price." In February 2007, there was a $1.3 billion offer, but the Department of Housing and Urban Development squashed the deal. Last year, owners decided to sell the development in a way that would keep it affordable, which attracted a number of bidders with non-profit entities and this past September, there were four finalists in the bidding. One of the bidders' spokesman told the Times, "We weren’t prepared to offer a higher price that jeopardized either long-term affordability, or a commercial return." Which makes sense—that Riverton deal is looking bad...is Stuy Town next?
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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