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New York

Starrett City winning bidder to be announced next month

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The winning bidder in the Starrett City sale will be announced in October, and Commercial Property News says it will be the highest priced multi-family property this year in the U.S. The property could sell for as much as $1 billion, and bids are due by September 25. Starrett City, a 6,000-unit Brooklyn apartment complex, is the largest federally subsidized housing complex in the country, so some wonder how the winning bidder will make a profit. Some fear thousands of affordable apartments will become market rate, although the property has to remain affordable for another 20 years.