Sale of Brooklyn's Starrett City complex moves forward

The sale of East New York’s massive Starrett City complex moved one step forward after a judge approved the now $905 million sale of the complex, the New York Times reports.

The sale will still have to be cleared by state officials and the Trump administration (the president has a four percent stake in the complex), but the judge’s verdict on Tuesday resolved the messy family battle that was ensuing over the sale of the 46-building complex.

In a nutshell, some family members of the real estate tycoon that built the complex, Disque Deane, contended that the sale would pose a financial harm to them, and his third wife, who was trying to sell the property, argued that a sale would ensure the complex’s affordability.

But that level of affordability is still up for debate. In November 2017, elected officials raised concerns that the sale would potentially jeopardize the affordability of the complex due to the new owners being forced to hike rents on the complex’s 5,581 apartments. The new owners, Brooksville Company and the Rockpoint Group, are looking to take over the complex in the next two to three month, according to the Times.

• $900 Million Starrett City Sale Can Go Ahead, Judge Rules [NYT]
• Sale of Brooklyn's Starrett City complex could endanger its affordability [Curbed]