Almost Sale Time for Starrett City
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,…
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.
i put in a lowball bid. we’ll see what happens.
Yes, there are express buses to Manhattan. However, as I pointed out, I don’t think the complex’ success will (or ever has, for that matter) depend as heavily on people who work in Manhattan as say, a property in brownstone Brooklyn. There are plenty of people who make decent money outside of Manhattan.
this can become a model for mixed income housing, if the unused portions of the property are used for market rate rentals…the shopping complex is decent and more can be added…i would imagine the commute to manhattan would suck, unless they have express buses?
mispelled evenT
There are ACRES of relatively flat, undeveloped land in and around the complex – large tracts of land. There is already new development taking place in some of these areas. I imagine higher-priced housing will be newly developed, for the most part, at least initially. It’s also a viable place to live, in the Spring Creek section of East New York, near Jamaica Bay and the Belt Parkway. If you work at Kennedy Airport, it’s a quite convenient place to live. It’s a relatively long-term deal, but I can imagine this could be profitable.