05.16.18 - $905M Starrett City sale a win-win, says broker
"Brooksville Company and Rockpoint Group finalized their acquisition of the Spring Creek Towers, the 5,881-unit complex formerly known as Starrett City, completing an eight-month process that withstood regulatory approvals and legal challenges from the property’s former shareholders."
"Cushman & Wakefield served as the exclusive advisor for the transaction. Douglas Harmon, the chairman of firm’s capital markets division, said the sale makes a lot of sense for all parties involved. 'The prime location of this asset, coupled with the fact that there will be significant investments and improvements made, was clearly a win-win for both parties,' Harmon said. 'At the end of the day the residents and the people of New York City will benefit greatly from this transaction and that was our first and foremost priority.'"
“'We are honored to become a part of this community,' Brooksville President Andrew MacArthur said. '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.'"