Bidders Still Hope to Acquire Starrett City

New York, NY —

While federal housing officials have said no to the $1.3 billion sale of Starrett City in Brooklyn, the winning bidders are still hopeful they can acquire the largest subsidized housing complex in the nation. WNYC's Cindy Rodriguez reports.

Clipper Equity says it’s convinced it can provide federal officials with the assurances they need. The Department of Housing and Urban Development says for the deal to be reconsidered Clipper would have to submit a financial and management plan that shows the property would stay affordable.

It would also have to account for thousands of housing violations at a property owned by one of its principals - David Bistricer. But in Washington today, Jackson sounded like his mind had been made up. He says he would not stand idly by while residents are put at risk of losing their homes. Clipper Equity says it agrees affordability is the defining core value at Starrett. It plans to submit a more detailed plan.

For WNYC, I'm Cindy Rodriguez