Starrett City Bids Due; Wall Street Crisis May Drive Down Price

Today's the deadline to bid on Brooklyn's Starrett City, the nation's largest federally subsidized housing complex. And, unless a dark horse bolts from the shadows, it looks like there will be only two bidders, both of which have community ties that could assuage the affordability concerns of the Department of Housing and Urban Development.

The two groups, according to media reports, are a partnership of Westbrook Partners, the Metropolitan Council on Jewish Property and the New York City Labor Council, among others; and a partnership of the Clarrett Group, the Christian Cultural Center, Housing Partnership Development Corp. and the Cogsville Group.

HUD is expected to decide on a buyer for the more than 6,000-unit complex in the next few weeks.  read more »

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