What’s likely to be the biggest real estate deal in Brooklyn this year is starting to take shape. There are now seven confirmed bidders for Starrett City, the massive East New York affordable housing complex, according to Crain’s: The Bluestone Group, Christian Cultural Center coalition, Enterprise Community Partners, L+M Development Partners, The New York Housing Partnership, and Omni New York. The deadline for bids is July 8th, and they’re expected to range from $600 million to $1 billion. Omni is headed by ex-Met slugger Mo Vaughn and has other investments in East New York; L+M Equity’s many affordable projects in Brooklyn include redeveloping Wallabout’s Brig and building the affordable component at Williamsburg’s Schaefer Landing; the Christan Cultural Group is a local church with 29,000 members; and Bluestone is part of the team developing the Public Place property in Gowanus. After July 8th, Starrett City’s current owners are going to narrow the field of bidders to two or three finalists and consult with local, state, and government officials in order to choose a winner.
Seven Groups Ready Bids for Starrett City [Crain's]
Photo by gkjarvis.