Starrett Buyer Pool Down to One

When will it end? The current owners of Starrett City, the largest Federally subsidized housing complex in the country, have been trying to unload the 5,881-unit property for the last two years, so far to no avail. The Times reported this weekend that the pool of potential buyers has now been narrowed to one, a consortium including the Christian Cultural Center, the Cogsville Group, Clarett and the nonprofit Housing Partnership Development Corporation. Their bid? $700 million.

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Comments

what do they plan on turning this into? please tell me not another stuytown 2.0, right? has anyone seen the market rate rents at stuytown? it's mind boggling. i dont see the appeal to live in overprice post-college projects which is essentially what they have tried to turn it into.

*rob*

Posted by: PitbullNYC at December 22, 2008 10:45 AM

What was bid before? That consortium must be feeling a little complacent without the herd psychology.

***Bid half off peak comps***

Posted by: Brownstones Half Off at December 22, 2008 1:36 PM

not to many comments on this.i guess yuppies dont know much about East New York

Posted by: buckfast at December 22, 2008 6:24 PM