Sale of Brooklyn's $905m Starrett City cleared by judge
The sale of a huge apartment complex in New York has been cleared by a judge after it was challenged in court. Starrett City in Brooklyn is the largest federally subsidised housing development in the United States, with 5,581 apartments in a 145-acre site. It is being sold for $905m by the widow of its original developer, but the transaction has been opposed by a rival bidder, backed by a partner in the complex. The Supreme Court of the state of New York has now dismissed its objection, but the transaction still requires approval by state and federal officials.

Although the name of the complex was changed to Spring Creek Towers several years ago, it is still widely known as Starrett City. A massive development, it has its own power plant, schools, recreation center and ZIP code. The sale has garnered some notoriety not just because of its size but also because President Trump has a small stake in the complex.

Carol G. Deane, the managing partner of Starrett City Associates, who was behind the sale, had argued in court that she balanced the need to satisfy shareholders with a deal that could win government approval and preserve Starrett City as a home for low- and moderate-income New Yorkers.

More than 70 percent of the limited partners and beneficial owners approved the deal in September.

“We are pleased with the decision denying plaintiffs’ efforts to derail the sale of Spring Creek Towers,” Ms. Deane said in a statement Tuesday, “but not surprised because of the care we put into the process and choosing a buyer who is committed to maintaining the development as affordable and a quality place to live for the 15,000 residents who call it home.”

Joshua D.N. Hess, a lawyer for the dissidents, said Tuesday that they were reviewing the judge’s order and their options, which could include suing for damages.

Mr. Deane died in 2010. Ms. Deane was his third wife.

He tried to sell the complex to the highest bidder during a debt-fueled real estate boom in 2007, but the deal fell apart amid sharp criticism from city, state and federal officials, as well as tenants.