The Real Deal New York

HUD again rejects bid for Starrett

July 10, 2007 12:00AM

The Department of Housing and Urban Development once again rejected Clipper Equities’ $1.3 billion bid for Starrett City. HUD said that Clipper, which is led by investor David Bistricer, had not come up with a “financially feasible” plan for maintaining affordability at the 5,881-apartment Brooklyn Mitchell-Lama complex. Real estate experts say HUD’s decision means Clipper will likely withdraw its bid for the property. The current owners of Starrett City now say they may remove the complex from the Mitchell-Lama program rather than selling it. more [NYT]

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