Last try for Starrett City buy?

In a last-ditch effort to gain some stake in Starrett City before the $1.3 billion contract for the housing complex expires, David Bistricer has sent nonprofit housing developer Provident Group and the New York City Central Labor Council to negotiate with the seller, Starrett City Associates. If the deal went through, Bistricer would have an interest in the complex’s shopping center and any future development, but no control over the affordable housing currently in place. The Provident Group and the labor unions would keep rents at the complex affordable to mid- and lower-income households, but would need the seller to lower its price by as much as $200 million. more [NYT]

Sign Up for the undefined Newsletter