Skip to main content

Housing Complex With Trump Co-Ownership Sold for $850M

Phil Hall
Sep 07, 2017
An affordable housing complex in Brooklyn that is home to 15,000 people has been sold for approximately $850 million

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.

 
Published
Sep 07, 2017
Nominations Open For Industry Titans Award

NMP Magazine to honor people who represent industry with professionalism.

Industry News
Sep 23, 2022
Fidelity National Names New HR Chief

Melissa Circelli previously held same position at Black Knight.

Industry News
Sep 23, 2022
Ruoff Mortgage Lays Off Nearly 5% Of Staff

Company announced the layoffs Sept. 16, citing 'economic conditions.'

Career
Sep 21, 2022
SPS Acquires Rushmore Loan Management Services

The acquisition will include hiring Rushmore servicing personnel and assuming Rushmore servicing contracts.

Industry News
Sep 19, 2022
Fannie Mae Names New EVP, Chief Risk Officer

Former Morgan Stanley exec has nearly 30 years of risk management experience.

Industry News
Sep 15, 2022
Planet Home Lending Expands Operations In N.Y.

Mortgage vets Michael Cabales and Mike Titiyevsky to lead expansion effort in NYC metro area.

Industry News
Sep 13, 2022