"For example, opportunity funds are far less likely to be interested because the property cannot be fully repositioned to sufficiently increase cash flow," he says. "The amount of upside from the property has been reduced."

Finnegan continues to note that the price has to be lower than it previously was "because of the limit of upside and because of the credit crunch, thus requiring more equity than under the original deal," he says. "It is unlikely that any offer will match the Clipper [Equities] price."

Deborah Jackson, executive managing director of Weiser Realty Advisors LLC, tells GlobeSt.com that there are a number of questions to be asked regarding Starrett City. She explains that any investor is going to look at achieving the best return that they can. In the past, there has been a market for affordable housing as an investment, she says. "Similar to any other acquisitions, investors would look for a property of quality that is well located, has good demographics, and is well leased. Should these items be present, then the return to the investor would be healthy." She notes that "not all housing needs to be marketed to the wealthy to have a good return--or bottom line."

With that said, she says that "the pool of investors may be diminishing as they step back to see if a delay might result in better pricing. Additionally, funding is becoming more difficult," noting that the period to obtain funds has increased and often the amount of capital required of the borrower has increased.

In regard to potential investors, Jackson tells GlobeSt.com, institutional investors might be one candidate because they have cash. It might be a good purchase for one of the state of New York pensions, she says. She adds that she isn't so sure if the recent ruling will impact pricing, however she says that the economy might.