Starrett City Sale Proving Unpopular

In contrast to the sale of Stuyvesant Town and Peter Cooper Village last year, which drew barely a word of official concern that tenants living in affordable apartments would be displaced, the $1.3 billion sale of Brooklyn's Starrett City has provoked a great deal of interest. There is talk of Congressional hearings. There are vows to block the sale. There is skepticism. Says Housing and Urban Developent Secretary Alphonso Jackson, who is rarely quoted saying anything: "This transaction has the potential to threaten New York City's low-income housing market and those who need it. It will aggressively review this sale and give it close scrutiny."

The complex was sold to Clipper Equity, and covers 40 acres and has 46 towers with 5,881 apartments and more than 14,000 tenants.

So, the interesting question is, why did the Stuy Town sale--which is having an impact on far more people in Manhattan--go through without a hitch, whereas the Starrett City deal appears to be on the verge of falling apart?

Some of Today's Starrett Stories:
Hold Your Horses [NYDN]
Concern Grows Over Starrett City [Sun]
Starrett City Sale Draws Two New Doubters [NYT]