The massive Brooklyn housing complex known as Starrett City has a July 8 deadline for bids, with seven offers, including one from former Boston Red Sox and New York Mets slugger Mo Vaughn, according to Crain's Business. Vaughn represents Omni New York, which has made big investments in New York City affordable housing with the intent of maintaining the affordability of these complexes for its current residents.
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The sellers of the 153-acre, 46-building complex, Starrett City Associates, and the state government recently reached an agreement to keep the complex affordable, resulting in big-name real estate companies such as Tishman Speyer Properties, which won the auction for Stuyvesant Town/Peter Cooper Village, from not making an offer. The weak interest prompted by the restrictions
have contributed to a bidding range
of only $600 million to $1 billion -- far lower than the
$1.3 billion Clipper Equities LLC offered for the complex in 2007. The Clipper offers prompted the state's intervention to keep the existing units affordable.
Crain's reports that some of the other bidders include a mix of nonprofit organizations and management companies that have experience in operating affordable housing like Vaughn's Omni. Other bidders mentioned in the report include:
The Bluestone Group
Christian Cultural Center coalition
Enterprise Community Partners
L+M Development Partners
The New York Housing Partnership
The NHP Foundation
- Gerald Magpily
See Crain's article
Dealscape: Brooklyn's Starrett City up for sale with conditions
