Tuesday, March 13, 2007

Bistricer Back From the Dead?

We called it a temporary victory, and now David Bistricer and Clipper Equities LLC are trying to resurrect their proposal to buy Starrett City and turn it into luxury condos. From Crain's (no link):
Starrett City bidder makes last-ditch pitch
Clipper says plan ensures low rents; foes want Mitchell-Lama protected

The prospective buyer of Starrett City is making a last-ditch effort to save its bid for the Brooklyn housing complex . . .

But housing officials and politicians - many of whom came under fire for failing to block the recent $5 billion sale of affordable housing complexes Stuyvesant Town and Peter Cooper Village - have condemned the deal. They blast Mr. Bistricer's record, citing thousands of violations at his other properties. They also say the price tag, which amounts to $221,000 a unit, makes no economic sense unless the buildings are turned into luxury residences.

"It will be impossible for someone paying this price not to convert the units into high-priced rentals or ritzy condominiums," Sen. Charles Schumer observed in a statement recently.
More as the situation develops.

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