Clipper property sees renewal?

The owners of Flatbush Gardens in Brooklyn, a 59-building housing complex, are trying to raise the property’s profile and draw middle-income renters to its affordably priced units. Flatbush Gardens is owned by the principals of Clipper Equity, the investment group that bid $1.3 billion for Starrett City. Until recently, the dilapidated, crime-ridden complex was a poster child for failed federally subsidized housing. Clipper says it has put $8 million in capital improvements into the complex since purchasing it in 2005, and that Flatbush Gardens is experiencing renewal under its ownership. Opponents of Clipper’s bid to purchase Starrett City cited the group’s many housing violations and rundown New York City properties as one of the main reasons the group should not be allowed to purchase Starrett. more [Sun]