New York Times off the market earlier this year after a series of deals fell through in recent years.

In the deal, Starrett City Associates would refinance the complex for roughly $500 million, or 80% of its value, thus paying off the $234.4-million interest-free mortgage and other fees, and make a profit estimated at $200 million. The owners would also set aside more than $40 million for work on the facades of the 46 towers in the complex and for capital projects, the Times reported. Since the money would come from the refinancing, the capital work would not lead to rent increases and would allow the complex to remain in the Mitchell-Lama affordable housing program for 30 more years.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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