An affordable housing complex in Brooklyn that is home to 15,000 people has been sold for approximately $850 million—and the sale would turn a profit for President Trump, who owns a four-percent stake in the property.
According to a Bloomberg report
, the owners of Starrett City are selling the 46-building complex to a joint venture led by Brooksville Co. The president is a limited partner in Starrett City Associates, the property’s owners, and he received more than $5 million in income from his investment last year.
The sale is subject to approval by state and federal regulators—although the latter might raise concerns of conflicts of interest because approval would need to come from the Department of Housing and Urban Development, which administers the complex’s rent and mortgage subsidy programs. Brownville Co. has already announced it will rename Starrett City as Spring Creek Towers.