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

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...

12/31/17
...due in part to the $850 million sale of Starrett City. Sources told The Real Deal their performance is integral to Cushman’s plans to...

12/29/17
...Group and Brooksville Company’s $905 million purchase of Starrett City; WeWork and Rhone Capital’s $850 million purchase of the Lord & Taylor flagship; and...

12/21/17
...the massive Brooklyn housing complex commonly known as Starrett City, which is controlled by Deane’s surviving wife Carol, went into contract to sell...

12/05/17
...investors, Harry Helmsley, David Lichtenstein, Park Lane Hotel, Starrett City, Empire State Building, Harry Macklowe, Steve Witkoff, Gary Barnett and 432 Park TRD Special Report...

12/04/17
...these opportunities will be explored. Completely different question: Starrett City… I can’t talk about Starrett City. I have recused myself. Secretary Carson said...

11/30/17
...into contract — including the whopping $850 million sale of Starrett City (now called Spring Creek Towers) in Brooklyn. And industry insiders say it’s way...

11/27/17
...clause in the federal government’s subsidy of Starrett City could lead to rent spikes at the country's largest public housing complex if a...

11/08/17
...the time, the grandfather of mixed-use projects. When Starrett City was first offered for sale , the deal didn’t go through. Working behind the...
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