Starrett – It’ll still be affordable

THE OWNERS of Starrett City vowed Wednesday that the massive Brooklyn complex will remain affordable for residents following a ruling that cleared the way for its $905 million sale.

Manhattan Supreme Court Justice Saliann Scarpulla rejected an effort by dissident shareholders to freeze the sale of the nation’s largest publicly subsidized housing project.

The sprawling East New York development has 5,881 apartments in nearly 50 buildings.

“The most important result of this decision is it lifts a potential roadblock to the sale going through, and gives the residents confidence that their apartments will remain affordable and their quality of life will be preserved,” spokesman Bob Linn said.

The sale now requires approval from state and federal authorities. That process is expected to last several months.

Scarpulla wrote in a decision Tuesday that the dissident shareholders who sued — including children of the builder of the complex, Disque Deane — failed to show they would suffer irreparable harm by the sale.

They had argued they were wrongly kept out of the secret sale process run by Carol Deane, the managing director of Starrett City Associates and Disque’s widow.

The buyer is a joint venture between the real estate firm Brooksville Co. and the investment firm Rockpoint Group.

President Trump owns a minority stake in Starrett City.