Starrett City owners give up on selling complex

The owners of Starrett City have given up on selling the affordable housing complex, which is the largest federally subsidized project in the country. The owners, a group of investors led by Disque Deane, said the faltering economy and lack of financing is why they are no longer selling the Brooklyn development. A group of non-profit organizations and developers led by Donald Cogsville had been negotiating to purchase Starrett City for the past two months, and had reportedly offered to buy it for $700 million. Bids for the complex were originally expected to reach $1 billion.