New York City—New York Supreme Court Judge Saliann Scarpulla on Tuesday issued a decision denying dissident shareholders' motion to block the sale of Starrett City, the largest federally subsidized multifamily development in the US. The property, also referred to as Spring Creek Towers, comprises 46 buildings and 5,581 apartments on 153 acres in Brooklyn.
A contract had been signed by the buyer, a joint venture between Brooksville Company LLC and Rockpoint Fund Acquisitions, L.L.C.
The plaintiffs opposing the sale include the stepchildren of defendant Carol Deane, who is the managing partner of Starrett City Associates, as well as two corporations: San Francisco, CA-based Belveron LLC, and Portland, ME-based Lower Income Housing Corporation. The corporations own a 12% interest in Starrett City and had previously attempted to outbid Brooksville and Rockpoint.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
