And Then There Were 4: Starrett Bids Winnowed

Crain’s and the Times have the latest word on the sale of Starrett City, the massive East New York affordable housing complex. The 5,881-unit property’s owners have narrowed down the field of bidders to four, and the price tag is expected to be between $800 and $900 million, making it one of the biggest real estate deals of the year. Aside from affordable housing groups and nonprofits, some of the names among the four teams whose offers are being considered include the Related Companies, Westbrook Partners, and the Clarrett Group. One of the more interesting facets of the deal is that bidders are examining whether it’ll be possible for them to build additional housing and/or stores at Starrett. Per Crain’s, some of the groups are looking to build up to 1,000 additional affordable housing units.
Four Finalists selected for Starrett City [Crain’s]
Four Groups Invited to Make Final Bids for Starrett City [NY Times]
Photo by ntang.