While the owners of Starrett City homes reviewed the first round bids they received Monday, Berkshire LLC tried to end the auction right then and there with a whopping bid of $1.3 billion for the 46 tower affordable housing complex in Jamaica Bay. This translates to roughly $250,000 an apartment, a premium price for an area with apparently little development potential. Even if the owners accept the bid, it would still need state and federal approval thanks to the $234 million, interest-free mortgage on the property. Negotiations are ongoing but will wrap up shortly. Luckily, Starrett City's brokers have some experience with these kind of things.
· With Bid of Well Over $1 Billion, Starrett City Auction Intensifies [NYTimes]
· Yup, Starrett City is the Next Stuy Town [Curbed]
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