'Model Agreement' Will Keep Starrett Affordable for 20 Yrs
A deal between Starrett City’s current owners and state, city, and federal officials will ensure that the 5,881-apartment complex in East New York remains affordable, according to the Times. The agreement will work, in the main, by covering most Starrett units under the Section 8 program for a 20-year term. The property is about to…
A deal between Starrett City’s current owners and state, city, and federal officials will ensure that the 5,881-apartment complex in East New York remains affordable, according to the Times. The agreement will work, in the main, by covering most Starrett units under the Section 8 program for a 20-year term. The property is about to go back on the market. Federal officials blocked Starrett’s sale last year on the grounds that the winning bid for the complex, $1.3 billion c/o a group of investors led by David Bistricer, was too high for the would-be owners to maintain affordability. Stareett City is made up of 46 towers and 140 acres, and it is the largest federally subsidized housing complex. The new sale of Starrett is expected to draw bids between $600 million and $800 million, and the city will help the winning bidder gain approval to build new retail and housing on the site. Tenant advocate Bertha Lewis of Acorn called the plan “a model agreement” because it could influence how other subsidized housing complexes are sold off.
In New Sale, Starrett City Would Stay Affordable [NY Times]
Starrett City Measure Wending Through Congress [Brownstoner]
New Starrett City Bids Coming In [Brownstoner]
Photo by ntang.
People don’t realize that in 5 years Penn and Fountain Park will be opening up across from Starrett City and Gateway Shopping Center. Yep the former landfill will become a megapark the size of Prospect Park with views of the ocean and Manhattan! This part of Brooklyn is a hidden goldmine. Related announced plans to double the size of Gateway Shopping.
MUSCLE13
Just thought I post some earlier comments on this subject.
I think that the concerns about the interest of Reverend Bernard and his cohorts are legitimate. However, the tenants of Starrett worked tirelessly to make sure that they were not kicked out on the street, and that there was legislation for long term affordability, not some skeezy developers promise. If more tenants in the city stood up and fought together as one voice, New Yorkers wouldn’t have to be struggling to stay in the grave.
Posted by: guest at May 14, 2008 3:05 PM
I live in Starrett city and this scares me a little. There are people here who would settle for less because they have no more to give. That is an understandable reaction to the changing times. But, what bothers me is the quality of life issues that will surely arise if there is any shred of truth in 12:05’s statement. There have been a few meetings where the dominant issue was “The whiteman is coming” followed by a few prayer services that was led by the church that is interested in being a partner in it’s purchase. I am not sugessting that community groups don’t have a success rate for managing housing, but their experience seem to be rooted in low-income specialty housing. Starrett City over the years have attracted a more higher-income population with a need for adequate services. I am afraid that if Starrett City plunges into a government financed model project for politicians to hail, it will lead to an exodus of stable tenants.
Posted by: guest at May 13, 2008 1:28 PM
Does not matter how affordable they make housing. The cost of living in NY will make most people head south. Securing a place for you now, does not mean a secure place for your children and grandchildren. Let’s get out of this project mentality and move-on. Wasn’t it Marcus Garvey that said, “up you mighty people”. Why do we fight to stay in the grave?
Posted by: guest at May 13, 2008 12:12 PM
Don’t get too excited about this agreement. This is Brooklyn politics as usual. The great thing is long-term tenants will have the opportunity to live in affordable housing. The bad thing is this project is going to be sold to local community housing advocates with political ties to Towns and Velasquez. This coalition has already been formed. Goverment money will be used to purchase the property instead of private dollars that will most certainly mean lower management standards.Therefore making it truly the country’s largest projects. More than 65% of revenue will go to salaries of no-show employees connected to this coalition. I predict that this will be marketed and publicized as a success for the community, by the community. But after a few short years you will hear major complaints coming from residents comparing the old private owners to the new government funded owners. Most of which will have taken their money and left for a warmer climate.
Posted by: guest at May 13, 2008 12:05 PM