Starrett City | The Real Deal New York

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Starrett City

1461 Pennsylvania Avenue
Brooklyn, NY 11239
Residential, Sales, Leasing/Rental, Other

Starrett City, also known as Spring Creek Towers, is the largest government-subsidized residential rental complex in the United States. It sits on a 153-acre site near Jamaica Bay in Brooklyn, New York, and includes 46 buildings. The complex, established in 1974 under the Mitchell-Lama program, eventually grew to 5,881 apartments housing around 15,000 residents. It also includes eight parking garages. In 2007, during the real estate boom, private equity firm Clipper Equities reached an agreement with the owner of Starrett City, a group of investors, to buy it for $1.3 billion. However, politicians opposed the likely logic of the deal, conversion of the complex to market-rates, and the Department of Housing and Urban Development rejected the sale to Clipper. A second attempt at buying it, after reassuring residents Clipper would not convert the complex to market-rate, also failed. The complex's owners Starrett City Associates, a group of investors first led by the late financier Disque Deane (who died in 2010) and now by his widow Carol Deane, announced in early 2009 they would abandon attempts to sell it and that it would remain within Mitchell-Lama. Donald Trump disclosed in his financial filings as a candidate for president that he has a 4 percent ownership stake in the complex. -TA

  • Year Built 1973
  • residential units 5,881
  • total units 5,881
  • square feet 5,000,000
  • block and lot 3-04452-0325
  • BIN 3098300

09/17/18
...of the megadeals include the $905 million sale of Starrett City to Brooksville Company and Rockpoint Group in May. “This time last year I felt...

09/07/18
...equity fund based in Boston and also owns Starrett City, which it closed on with Brooksville Company in May for $905 million.  – Eddie Small...

08/21/18
...increase, largely due to the $904.61 million sale of Starrett City. Meanwhile, Manhattan saw $1.75 billion in sales during the first half of the year...

08/15/18
...to make a $900 million bid for the massive Starrett City complex in Brooklyn. The partners filed a lawsuit to try and block the sale...

08/09/18
...decades past -- think World Financial Center or Starrett City. Those projects generally focused on either housing or office space, along with a little...

07/27/18
...Clockwise from the top left: Starrett City, 237 11th Street, Aby Rosen, Jared Kushner, Brad Lander and 175-225 3rd Street (Credit: LIVWRK...

07/26/18
...Starrett City in Brooklyn (top) and the Manhattan Skyline (bottom) (Credit: Spring Creek Towers and Pixabay...

07/19/18
...An illustration of business deals with Starrett City (back) (Credit: Pixabay and and LIHC Investment Group) The Brooklyn commercial market got off...

07/16/18
...From left: An aerial of Starrett City, Paisley Boney, Andrew MacArthur, Bill Walton and Keith Gelb (Credit: Google Maps) New York...

06/27/18
...Carol Deane and Starrett City (Credit: Paul Marotta via Flickr, Wikipedia, and ADIC) The children of Carol Deane, widow...

06/25/18
...investors, Harry Helmsley, David Lichtenstein, Park Lane Hotel, Starrett City, Empire State Building, Harry Macklowe, Steve Witkoff, Gary Barnett and 432 Park When the equity...

06/19/18
...loan to Rockpoint Group and Brooksville Company for Starrett City in East New York. Other notable loans from the month included $65 million for Mack...

05/17/18
...housing complex in Brooklyn, more commonly known as Starrett City. The complex sold last month for $905 million, which could earn Trump an estimated $36 million...

05/08/18
...From left: Starrett City, Paisley Boney, Andrew MacArthur, Bill Walton and Keith Gelb UPDATED: May 8, 8:10 p.m.: Brooksville...

03/20/18
...while rides starting in East New York’s Starrett City and East Flatbush’s Remsen Village went up by about 250 and 300 percent, respectively. In...

03/13/18
...months, the fund manager agreed to buy the Starrett City complex in Brooklyn with Brooksville Company for $905 million and closed on the $465 million purchase...

03/05/18
...Cooper Village and the $905 million pending sale of Starrett City, the property was not widely marketed, sources said. The transaction would give an early...

...Cooper Village and the $905 million pending sale of Starrett City, the property was not widely marketed, sources said. The transaction would give an early...

02/22/18
...partner Brooksville Company’s $905 million pending purchase of Starrett City in Brooklyn, in what was the largest multifamily deal to enter contract in the...

02/06/18
...Group and Brooksville Company’s $905 million purchase of Starrett City; WeWork and Rhone Group’s $850 million purchase of the Lord & Taylor flagship; and...

...Group and Brooksville Company’s $905 million purchase of Starrett City; WeWork and Rhone Group’s $850 million purchase of the Lord & Taylor flagship; and...

01/26/18
...Broadway, Starrett City, Keith Gelb, Paisley Boney and William Walton Rockpoint Group doesn’t have the Blackstone...

01/24/18
...sought to block the $905 million sale of the Starrett City complex in Brooklyn to Rockpoint Group and Brooksville Company. That suit was dismissed earlier...

01/23/18
...this year on the $905 million purchase of the Starrett City housing complex. -- Konrad Putzier...

01/03/18
...lawsuit seeking to block the $905 million sale of Starrett City, the largest federally subsidized housing complex in the U.S. Minority owners of the...