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Starrett City Follies: Now, the Deal May Be 'On Hold'

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Call the deal for Starrett City, the massive housing complex near Jamaica Bay a victim of the ulimtate bad timing. Followers of the saga might recall there was a deal last year for the 5,881 units in 46 brick towers for $1.3 billion but that it crashed and burned in spectacular fashion after everyone raised the "Not Another Stuy Town!!!" battle cry, fearing the buyer would work to turn it into market rate housing. Times change and now the complex is valued in the neighborhood of $700 million. There are two groups of bidders. One is the Cogsville Group, which has partnered with the Christian Cultural Center, the Housing Partnership Development Corporation and the Clarett Group. They're competing against a group that includes Westbrook Partners, Citigroup, the Metropolitan Council on Jewish Poverty and the New York City Central Labor Council, among others. The who thing was supposed to be settle by the end of the year. Uh. Maybe not. Sources tell the Observer "unequivocally that the negotiations are in fact 'on hold.' The sticking point is apparently a dispute about how the complex should be valued. Eh. $1 Billion. $700 million. Same difference.
· Yes, No, Maybe So: Starrett City Deal Enters Parlor Game Land [NYO]
· Starrett City Coverage [Curbed]

[Starrett City photo via ntang/Flickr]