Report: Owners abandon sale of Starrett City

The owners of Starrett City have abandoned their plan to sell the housing complex after real estate prices dropped and the deal fell through.According to

BROOKLYN - The owners of Starrett City have abandoned their plan to sell the housing complex after real estate prices dropped and the deal fell through.

According to the New York Times, the owners blamed the failure on the faltering economy and a lack of financing. A New York Times source, Donald Cogville, who led a consortium of nonprofits and developers negotiating the Starrett City deal, said the sale may have failed due to the price. The owners were asking for about $1 billion.

The complex, which is the largest federally subsidized housing complex in the country, contains 46 towers with a total of 5,881 apartments across 140 acres. The owners first placed it on the market in 2006.

Sen. Chuck Schumer (D-N.Y.) issued a statement Monday, which said, ?If the owners of Starrett City want to retain the property, then they must continue to follow a long-term affordability plan that preserves the complex and lives up to the Memorandum of Understanding we agreed to last year.?

A spokesman for the Starrett City owners says, "We plan to continue working with government to operate Starrett City as an affordable housing complex into the future.?

advertisement | advertise on News 12

Trending Video

The two men were found at the intersection 1 Police: 1 killed, 1 hurt in Canarsie shooting
News 12 Brooklyn asked residents what they think 2 Word of the Street: Best Job Aspects
Police say three men lead officers on a 3 Chopper 12 over police search in Brooklyn
4 VIDEO: Extended interview with Lu-Shawn Thompson
The website Glassdoor released its latest list of 5 Word on the Street: Best place to work

advertisement | advertise on News 12

Features

Furry Friends is a weekly segment on News Furry Friends

Furry Friends is a weekly segment on News 12 Brooklyn nightside.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE