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.