The NY Times reports that owners of Starrett City will attempt to sell the 140-acres Brooklyn apartment complex again, after reaching "an agreement with federal, state and city officials" that the complex will remain affordable.
Last year, Starrett City, which is the largest federally subsidized development (and considered one of the most successful), was sold for $1.3 billion, only for the sale to be blocked and later rejected outright by the federal Department of Housing and Urban Development, which needed to approve the deal, over concerns about the buyer's financial plan. Now, the government has agreed not to block a new sale since Starrett City's owners will keep affordable housing.
Other details: The state will "forgo an estimated $13 million in interest payments owed by the current owners, and the city would continue to offer a property tax abatement." Also, the city will "assist a new owner in gaining approval for new retail and housing development" on the property.
The deal is being hailed by tenants' advocates and lawmakers alike; Senator Charles Schumer who was an outspoken opponent to last year's deal said, "I never really thought we could get such a happy solution." The property will go on sale tomorrow, and bids are expected to be in the $600-800 million range.
