If there are alternate universes in the world of housing, then Starrett City and Stuy Town occupy two of them. The former went on the market last year, only to have the $1.3 billion sale crash and burn because of concerns about the loss of affordable housing. (The spurned buyer, David Bistricer, got MTV's Real World at his Belltel Lofts as a consolation prize today.) The latter, sold to Tishman Speyer despite concerns about the loss of affordable housing and the complex is now going market rate with small eruptions of class warfare being seen. Meanwhile, the 46 buildings and nearly 6,000 apartments of Starrett City are back on the market today after federal, state and city officials reached an agreement to ensure that Starrett City doesn't become, well, Stuy Town. The very complicated agreement creates guidelines for a sale would “preserve Starrett City as affordable housing" and involves a huge set of deals giving everyone a little bit of what they want. A number of bidders interested in keeping the project as affordable housing has already emerged which will, alas, probably make for a lack of drama compared to last year's fiasco.
· In New Sale, Starrett City Would Stay Affordable [Curbed]
· And Then There Were Four: More Possible Starrett City Bidders [Curbed]
· Lay Off My Lama: Starrett City Puts on Their Rally Caps [Curbed]
[Starrett City photo via ntang/Flickr]