Is Starrett City private?
Ownership and management. The complex is owned by Starrett City Associates, which was originally headed by Disque Deane. Former U.S. President Donald Trump owns 4 percent of the complex, inherited from his father Fred Trump.
Is Starrett City subsidized housing?
Situated on the southeastern edge of Brooklyn, adjacent to East New York, Canarsie, and Jamaica Bay, Starrett City is the largest federally subsidized housing development in the nation.
Is Starrett City rent controlled?
Pursuant to the Mitchell-Lama Law, New York State Division of Housing and Community Renewal sets rents at the complex under a Budget Rent Determination (BRD) process. Thus, rents at the complex are not governed by the Rent Control or Rent Stabilization Laws.
Is Starrett City the projects?
Starrett is the largest federally subsidized rental project in the country; and it has provided more than 5,800 accommodating, decent apartments, housing many, many thousands of residents, for decades.
How much is Starrett City worth?
Rockpoint Group and Brooksville Partners took full control of Starrett City in a deal valuing the massive apartment complex at $1.8 billion.
Did Trump build Starrett City?
The Trump Organization sold $35M of real estate in 2018 The Trump Organization sold close to $35 million in real estate last year, thanks in large part to the sale of Starrett City, a federally subsidized housing complex in Brooklyn.
Is Starrett City Mitchell Lama?
July 2, 2021 Brooklyn Eagle Staff. New York State on Thursday announced an agreement with the owners of Starrett City, also known as Spring Creek Towers, to ensure that the 46-building, 5,881-apartment Mitchell-Lama housing community in Brooklyn remains affordable through 2069.
Who bought Starrett City?
Rockpoint Group
Rockpoint Group and Brooksville bought Starrett City, also known as Spring Creek Towers, in 2018 for $905 million with a plan to invest $140 million into renovating the East New York housing complex, the largest federally subsidized housing project in the country.
Is Knickerbocker Village Mitchell-Lama?
Knickerbocker Village, completed in 1934, includes 1590 rental apartments. The 12-building complex is covered under a low-income housing program known as Article IV, which preceded the Mitchell-Lama program.