In October, the winning bidder will be announced in the sale of Starrett City, the 34-year-old, 6,000-unit Brooklyn apartment complex that Commercial Property News says “will command the highest price for a U.S multi-family property this year and rank among the biggest transactions in any category.” The property could for as much as $1 billion, one of the City’s largest sales (save for Midtown’s General Motors building, which took $2.8 billion). The question remains how the winning bidder will make a profit, since Starrett City is the largest federally subsidized housing complex in the country, with 60% tenants qualifying for Section 8 subsidies, according to CPN; fear remains that another Stuyvesant Town event will occur, with thousands of once affordable apartments shooting to market rate rents. The property will have to remain affordable for another 20 years, though, and the bid deadline is September 25th.
Clock Ticks on Sale of Huge Brooklyn Housing Complex [CPN]
Photo from Starrett City in Pictures.