Brooklyn, NY – Starrett City Clears Path To Exit Mitchell Lama.

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    Brooklyn, NY – The owners of Starrett City, a 5,800-apartment low- and middle-income housing complex, are starting a process to remove the site from the Mitchell Lama “affordable” housing program.

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    “We have filed a notice of intent to opt out of that program,” one of the owners, Carol Deane, wrote in a letter to tenants, dated yesterday. Ms. Deane’s company, Starrett City Associates, has not yet formally decided whether to leave Mitchell Lama, Ms. Deane said in her letter.

    The announcement represents a potential change in course for the owners, who tried to sell the complex for $1.3 billion earlier this year to buyer Clipper Equity. Amid resistance from elected officials.

    Should Starrett City Associates ultimately leave Mitchell Lama, the company could find less resistance in selling the complex, as one of the major affordability regulations will have been lifted. [nysun]


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    Anonymous
    Anonymous
    16 years ago

    Right on. Teach the city, state and feds not to interfare with private business.