Closing Bell: More Potential Starrett Buyers Line Up

Crain’s reports there are now four potential buyers for Starrett City, the 46-building, East New York Mitchell-Lama complex. The National Housing Partnership Foundation and the New York Housing Partnership are both interested in purchasing the complex, joining two other would-be bidders, a coalition of religious and community groups and the National Development Council. Starrett City’s owners have not yet officially put the complex on the market, but it is believed that when all’s said and done the price tag will be well below the $1.3 billion offered by Clipper Equities last year. Clipper’s bid was rejected after activists and politicians protested the deal, saying there was no way the bidder could be willing to shell out so much money and still keep the 5,800-unit property affordable. The nonprofit and grassroots credentials most of the current potential bidders bring with them likely means all or most will pledge to keep Starrett’s affordability intact.
List of Starrett City Bidders Grows to Four [Crain’s]
Closing Bell: New Starrett City Bids Coming In [Brownstoner]
Starrett photo from forrent.com