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BROOKLYN, NY-Just over a month ago, Stuyvesant Town and Peter Cooper Village sold to a joint venture for $5.4 billion, and now in the wake of that transaction, Starrett City here has gone up for sale. Published reports say the affordable-housing complex, which was renamed Spring Creek Towers a few years back, could sell for more than $1 billion.
The complex, which is owned by Starrett City Associates, is a 140-acre site created in the 1960s for middle-class minorities. An estimated 14,000 people live in the complex, which almost replicates a city, including a 124,000-sf shopping center and an elementary and middle school.
Starrett City Associates, which is led by Disque Deane, has owned the complex since 1972. The deal is reported to be brokered by CB Richard Ellis' Darcy Stacom and William Shanahan, who also arranged the sale of Stuyvesant Town for MetLife.
The Spring Creek sale comes just weeks after the highly sought-after Stuyvesant Town sold to BlackRock Realty and Tishman Speyer for $5.4 billion. The low-incoming housing sector of Manhattan was also bid on by Apollo, ING, Vornado, Related and a tenant group. At a recent RealShare Conference in New York City, panelists referenced the Stuyvesant sale and agreed that the amount of capital chasing real estate remains strong. They alluded to the possibility of other such sales, a speculation now coming to fruition.
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