An anonymous group of institutional investors are selling a 71 percent stake in the East New York development, a 5,881-unit complex otherwise known as Spring Creek Towers, located in Brooklyn, for $1.8 billion, reported The Real Deal. The sale is considered one of the largest NYC property sales in three years.
Brooksville Companies and Rockpoint Group will continue to hold shares of the development.
Starrett City is a housing development, which is known as one of the largest government-subsidized housing complexes in the country.
Brooksville and Rockpoint closed on the property in May 2018 for $905 million. They bought the complex from Starrett City Associates, which had owned the complex since it opened in 1974.
