After striking a deal to sell the federally-subsidized Starrett City complex--while keeping it affordable--there are now eight new bids for the 140-acre development of 46 towers. Previously, the owners tried to sell the development for $1.3 billion, only for the feds to block it. The NY Times says the bids are in the $700-900 million range, and many bidding groups have non-profit entities ("so the group can issue tax-exempt bonds"). Senator Chuck Schumer, who wants to make sure the complex remains a middle-class haven, was happy with the bids so far, "The good news is that we have a framework in place that will protect the next generation of Starrett City residents and keep this New York City landmark affordable in this sale.”
Published Jul 9, 2008
Modified Jul 9, 2008
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