Entries tagged "Starrett City"
The owners decided to not sell the Brooklyn apartment complex with 46 towers, blaming the downturn of the economy and tight financing market.
New York City politicians, community groups and residents were up in arms for the last 18 months over the possibility that affordable housing complex Starrett City in Brooklyn would follow Manhattan affordable housing complex Stuyvesant Town/Peter Cooper Village and sell in a megadeal to a buyer disinterested in keeping the rents down. However, the financial crisis' impact on the sale process is making that reality seem like a pipe dream as some bidders have reportedly lost financing, and with the deadline of the auction for the development, which spans 140 acres, on Thursday, many expect bids to come in south...
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. ...
Brooklyn's massive housing development Starrett City has been on the auction block for close to two years. But protests from residents and politicians have derailed a sale over the possible loss of affordable housing. Now, the complex, which spans 140 acres and has 5,881 units, is up for sale Tuesday with a better shot of a getting a deal done because of an agreement reached between the owners and federal, state and city governments to cap the rent increases for the next two decades, according to the New York Post....
