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Starrett City Sale Most Likely Blocked

Friday, March 02, 2007

Not so fast for the potential buyers of Brooklyn's Starrett City, federal housing officials will block their attempt to take over the nation's largest federally subsidized apartment complex. WNYC's Dan Blumberg has more.

Alphonso Jackson, the Secretary of Housing and Urban Development, is not satisfied by the deal as it stands now. But in a letter to the potential buyers, HUD is leaving the door open if buyer Clipper Equity can allay fears that it will keep Starrett City's apartments affordable.

The $1.3 billion deal has drawn fire from the start with potential owner David Bistricer getting the most flak for allegedly being a bad landlord. Clipper Equity released a statement saying it "looks forward to the opportunity of correcting certain underlying misinformation." But it will not be easy to revive the deal.

Senator Charles Schumer, Attorney General Andrew Cuomo and Starrett City residents already have a celebration planned for this afternoon. For WNYC, I'm Dan Blumberg.

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