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Sale of Starrett City Complex Closes for Reported $905M

Brooksville Company and Rockpoint Group have completed the purchase of Spring Creek Towers, the 5,881-unit Brooklyn apartment complex formerly known as Starrett City, from its previous owner, Starrett City Associates. The nation’s largest subsidized affordable housing complex, the property sold for $905 million, Bloomberg reported.

Brooksville, Rockpoint and Starrett City Associates entered a contract to transfer ownership in September of 2017, pending final approval from state and federal regulators, including HUD. Approval was granted earlier this week.

“We have long believed in the need to protect and preserve affordable housing in New York City and are committed to the long-term health of this community,” said Brooksville president Andrew MacArthur.

Cushman & Wakefield’s Doug Harmon arranged the sale. The new owners will extend the current Section 8 protections by 20 years through 2049, and invest over $140 million in capital improvements.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition