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Another Big One: Starrett City Sold for $1.3 Billion

[Photo courtesy Runs Brooklyn/flickr]

That bid by Berkshire LLC to buy the huge Starrett City complex on Jamaica Bay in Brooklyn that was reported earlier? The New York Times says that Berkshire's offer of $1.3 billion has been accepted and that it's "a price that experts say illustrates an exuberant real estate market." The sellers are said to be waiting for a cash deposit to complete the transaction. There has been much agitation to keep the 5,881 Starrett City apartment as affordable housing and concerns that new owners will try to raise rents. Stay tuned.
· Apartment Complex in Brooklyn Sold for $1.3 Billion [NYT]
· Starrett City Feeling Hot, Hot, Hot [Curbed]