Real-Estate

Settlement Housing Fund Buys Majority Stake in Starrett City

Starrett city (Google Maps)

Nonprofit landlord Settlement Housing Fund is the buyer behind a deal at Starrett City valuing the massive apartment complex at $1.8 billion.

The Manhattan-based affordable housing developer purchased a nearly 71-percent stake in the 5,881-unit complex in East New York from Rockpoint Group and Belveron Partners, property records filed with the city show.

A representative for the Settlement Housing Fund did not respond to a request for comment. A spokesperson for Rockpoint Group said it will continue its role as owner of the property and its partner, Brooksville Company, will continue to manage it, but declined to comment further.

Settlement Housing Fund had owned an interest in the complex going back to 2002, the Commercial Observer previously reported.

The 52-year-old nonprofit owns 35 buildings with more than 2,000 apartments, according to its website, including the 198-unit Two Bridges Tower in Manhattan

Rockpoint Group and Brooksville bought Starrett City, also known as Spring Creek Towers, in 2018 for $905 million with a plan to invest $140 million into renovating the East New York housing complex, the largest federally subsidized housing project in the country. The seller was Starrett City Associates, which had owned the property since it opened in 1974.

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