Results tagged “davidbistricer”

Starrett City, the subsidized housing development in Brooklyn, was sold for $1.3 billion in February, but for the second time, the Department of Housing and Urban Development rejected the deal. The February sale needed to be approved by HUD, because Starrett City is the country's largest subsidized development, and shortly after the sale was announced, State Attorney General Andrew Cuomo got to work on blocking the sale.

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The $1.3 billion deal for Brooklyn developer Berkshire LLC to buy federally subsidized Brooklyn housing complex Starrett City may be blocked by State Attorney General Andrew Cuomo and the federal Department of Housing and Urban Development. Cuomo announced that his office will enforce an injunction barring the lead investor David Bistricer from completing "certain real estate for life and will not permit the conversion of any of the property to cooperative apartments." Cuomo's statement was pretty damning, calling Bistricer's real estate history "sordid" and saying, "The material I turned over today should be enough to ban him from this deal at the start."

Findings that led to the court order against Bistricer include that he failed to disclose the terms of refinanced mortgages in amendments filed prior to the auction of apartments he owned, a violation of the Martin Act. He was ordered to pay $450,000 in restitution to residents and $50,000 to the State Attorney General’s office.

Continue reading "Cuomo and HUD Attempt to Block Starrett City Deal"