Friday, March 21, 2008

More Potential Starrett City Round 2 Bidders Emerge

The number of potential bidders for the huge Starrett City complex on Jamaica Bay has increased to four. Interestingly, all the possible bidders identified so far are groups involved in affordable housing or with a commitment to keep the development's nearly 6,000 units affordable. The complex was the subject a deeply controversial $1.3 billion bid by Clipper Equities that was ultimately killed by the Department of Housing and Urban Development after a firestorm of protest. Crain's reported yesterday that the National Housing Partnership Foundation and the New York Housing Partnership "have both expressed interest" in the development. A coalition of labor, religious and community groups as well as the National Development Council, which is a Manhattan-based nonprofit, have been previously noted as potential bidders. No private buyers have yet "expressed interest" in the 46-building complex.

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