Search
 

Real Estate Ambitions Push Starrett City Drama to Court

The case shows the fierce competition in buying New York real estate.

By Betsy Kim | Updated on November 03, 2017
The sale of Starrett City is the subject of a lawsuit./ photo credit: Spring Creek Towers

NEW YORK CITY—Looking beyond the soap opera-like headlines of the proposed sale of Starrett City, real estate attorney William P. Walzer says, “It is so competitive to get property these days that people buy limited partnership interests as a way of leveraging decision makers to sell to them.”

Walzer, a partner at Davidoff, Hutcher & Citron is not involved in the Starrett City lawsuit, so in a GlobeSt.com interview provided an impartial assessment of the case.

Within the group of plaintiffs, trying to stop the sale of Starrett City, the largest federally subsidized housing complex in the country, Walzer points to two substantial corporations: Belveron, LLC, based in San Francisco, CA and LIHC (Lower Income Housing Corporation), based in Portland, ME. Together they own a 12% interest in Starrett City.

Belveron and LIHC tried to top the offer of Brooksville Co. and Rockpoint Group of $850 million for residences and not less than $30 million for the retail assets. Belveron and LIHC offered $905 million, later upping their offer to $25 million more than whatever aggregate purchase price was offered.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.