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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 - Gerald Magpily See Crain's article Categories![]()
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