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Starrett City Feeling Hot, Hot, Hot

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]