Compared to the easy time that Tishman Speyer had buying Stuy Town and Peter Cooper Village--or, perhaps, because of it--the sale of Brooklyn's Starrett City suddenly looks a little troubled. Maybe a lot troubled. The project, which went for $1.3 billion last week to Clipper Equity, covers 40 acres and has 46 towers with 5,881 apartments and more than 14,000 tenants. Several Congressmen have called for federal hearings on the sale and, now, Sen. Charles Schumer is vowing to block the deal without "an ironclad agreement from any buyer that Starrett stays affordable." Or, so says the press release that just landed in our inbox that you can read in its entirety over at TRE. One begins to sense the snowball picking up speed as it rolls down the hill. Call it the Revenge of Stuy Town.
· Schumber to New Starrett Owners: Keep It Affordable Or Else [TRE]
· Another Big One: Starrett City Sold for $1.3B [Curbed]