Win-Win at Starrett City?
After three years of failed attempts to sell the 140-acre housing complex on Jamaica Bay for more than a billion dollars, the owners of Starrett City may be close to a deal with government officials that would enable them to put $200 million in their pockets while preserving the affordable status of the 5,881 apartments…
After three years of failed attempts to sell the 140-acre housing complex on Jamaica Bay for more than a billion dollars, the owners of Starrett City may be close to a deal with government officials that would enable them to put $200 million in their pockets while preserving the affordable status of the 5,881 apartments for another 30 years. There’s a meeting today among the owners, residents and politicians to discuss the deal, the mechanics of which would involve a $500 million refinancing and the creation of a $40 million capital improvement fund which would remove the need for rent hikes. Despite the difficult economic times, this arrangement will ensure that Starrett City stays affordable for current and future tenants and allows for vital upgrades to the entire complex to be completed, Senator Chuck Schumer said. It’s a great outcome for everyone, said Priscilla Almodovar, president of the State Housing Finance Agency. The deal would require the passage of legislation in Albany to amend the Mitchell-Lama laws that are on the books.
Refinancing Deal May Save Low-Cost Housing at Starrett City [NY Times]
Photo by Sharpen
This complex is well kept, the grounds pretty nice, and the apartments spacious, and I’m glad they worked out a deal. It is at the end of the known universe, but for many people, a chance to live in a decent place, and that shouldn’t be sneered at or looked down upon. The complex is full of young couples, teachers, nurses, office and store employees, city workers, retired people, the usual mix of everyday folks who make this city run who couldn’t afford to live any closer to work, yet still have a decent quality of life.
“It’s far enough out that a car would be close to necessary (although ENY may know more about the mass transit options, if there are any).”
As six years says, it’s more convenient to have a car if you’re going to live there, however there are mass transit options. The closest subway is the #3 train, which you’d take to the last stop (New Lots Av). From there you’d take a city bus 1-2 miles to the complex. As six years says, it takes about 1-1.5 hours to get to Manhattan by subway/bus. There are express buses that go straight from Starrett to the city as well.
When I was kid, this complex didn’t exist – the entire area was undeveloped land. I recall these was one long dirt road that extended south down Pennsylvania Avenue to the Belt Parkway and Jamaica Bay, and there was a lone Carvel ice cream stand on the road, and nothing else.
It’s far enough out that a car would be close to necessary (although ENY may know more about the mass transit options, if there are any). A subway/bus combo would probably take like an hour and 20 minutes to Manhattan.
That it’s not right for you. Take it from me. I don’t think you could make it out there.
what’s that supposed to mean?
*rob*
It’s in East New York, Rob. I don’t know if it’s exactly your style, let’s say.
Rob, easy to get into. Huge complex.
As a long time affordable housing person (1983-1991 in BK), i am delighted to read this.
Given the number of units involved, this dwarfs anything happening elsewhere in BK.
Crucial that this be resolved properly.
is this complex easy to get into or is it primarily all just lifers living there?
*rob*