The owners of Starrett City, a 5,881-unit affordable-housing complex in Brooklyn, which President Donald Trump is a partial owner, have reached an agreement to sell the property for about $850 million.
The buyer is a joint venture led by Brooksville Co. and Rockpoint Group.
The sellers Brooksville and Starrett City Associates have owned the complex for more than 40 years.
The deal is subject to approval by state and federal regulators. The U.S. Department of Housing and Urban Development (HUD) will ensure that Starrett’s apartments remain affordable, according to the NY Daily News. It was noted that an earlier agreement requires that all units in the complex remain affordable until 2039.
Trump’s father, Fred, was an original investor in the project located on the Belt Parkway in East New York. About 16 percent of Starrett City is owned by Trump and his siblings, including 4 percent ow
