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.”
New Bids for Starrett City
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