The Real Deal New York

Starrett City sale on hold

November 11, 2008 04:57PM

The sale of Starrett City has been put on hold because the owner of the
Brooklyn complex, Starrett City Associates, and federal housing
officials have been unable to agree on the fair market value of future
rents. Starrett City Associates had initially expected to select a
winning bid by early September, but the owner felt rents set by the
state Department of Housing and Urban Renewal are too low, preventing it from
gaining fair value for the property. The 46-tower complex is the
largest federally-subsidized housing complex in the nation, and bids were expected to approach $1 billion.

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