[Starrett City towers photo via Flickr user gkjarvis]
Way out on Jamaica Bay in Brooklyn sits Starrett City, 46 drab brick towers that house around 14,000 people. Built 30 years ago to accommodate working-class New Yorkers, the community-in-itself is now in the bright New York real estate spotlight. After news hit from the Slatin Report that the owners had hired Stuy Town brokerage team CB Richard Ellis to explore a huge cashing-out, the Times swoops in and fills in the details on the upcoming sale. The 140-acre area was redubbed "Spring Creek Towers" to sound more flashy, and it's expected to fetch over $1 billion in a January auction. It's a far cry from Stuy Town's $5.4 billion, but remember that (a) Stuy Town has 11,200 apartments to Starrett City's 5,881, (b) Stuy Town sits on prime Manhattan real estate, and Starrett City does not, and (c) Starrett City was built under the Mitchell-Lama program as subsidized housing, and the tenants will continue to be subsidized after the sale. OK, not as sexy as Stuy Town, but still fun.
· Brooklyn Tract, Home to 14,000, Goes on Block [NYT]
· At Stuy Town/Cooper Village, Happy Thanksgiving, etc. [Curbed]