Deal reached on Starrett City
Starrett City
A deal has been reached between government agencies and the owners of Starrett City, the 46-tower complex in Jamaica Bay, Brooklyn, to keep the massive complex affordable for middle-class residents. Last year, opponents blocked the complex's sale to real estate investor David Bistricer for $1.3 billion. The complex has 5,881 apartments, a power plant, shopping center, post office, churches and a synagogue. Housing advocates say the deal could be a model for preserving affordable housing around the city, which has been under threat as big developers and private equity firms have bought 90,000 apartments in recent years. The complex's 250 investors, led by Disque and Carol Deane, agreed to an affordable housing provision, while government agencies agreed not to block a sale.
Comments
Anonymous
If private business did what the politicians and the community activists just did here, at a minimum they would be found guilty of breach of contract and extortion .
Comment #1 Posted By: Anonymous 06/02/08
Bee Dub
Taxpayers should be upset. They're the ones paying for this. "The state, in turn, would forgo an estimated $13 million in interest payments owed by the current owners, and the city would continue to offer a property tax abatement."
Comment #2 Posted By: Bee Dub 06/02/08
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