A $1.3-billion bid last year by Clipper Equities was blocked by the Federal Department of Housing and Urban Development, after it said the acquisition would jeopardize affordability of the 5,800-plus apartments on the site.
When asked if he expects a similarly priced bid after the memorandum, Neveloff says, "my expectation, is there will be some change, but we'll see. That's what the free market is."
Likely bidders could include joint ventures between a group with an affordable-housing focus and another entity interested in its commercial space, including a 142,000-sf shopping center and vast tracts of developable land. "What you'll see is a more focused group of buyers," Neveloff says.
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