The second edition of the Starett City bidding process has officially gotten under way. It may be a nasty fight among the groups that want to buy the 46 brick towers and 5,881 apartments, but this new bidding process will lack the drama of having a corporate buyer that would slowly convert the middle-class complex to market rate housing like Tishman Speyer is doing to Stuy Town. Bids from the eight groups range from $700 million to $900 million, which is way less than the $1.3 billion offered by David Bistricer in last year's spectacular crash-and-burn purchase attempt. The eight bidders are required to keep the complex as affordable housing (for now). The real sport will be seeing which of the very politically connected bidding teams--which have been assembled for maximum advantage--will come out on top. Will it be the group involving L&M Partners, which does affordable housing all over the city, and Goldman Sachs? Will it be the team that includes the Clarett Group? Or one of the other church and labor-connected groups? Stay tuned.
· 8 New Bids for Starrett City Complex [NYT]
· Lay Off My Lama: Starrett City Puts on Their Rally Caps [Curbed]
[Starrett City photo via ntang/Flickr]