The owners, a group of investors led by Disque Deane, cited the faltering economy and a lack of financing as the reasons. But the sale may have foundered over price, said Donald Cogsville, who until Monday led a consortium of nonprofit organizations and developers that had been negotiating to buy Starrett City for the past two months.
Neither side would discuss details of the proposed sale, although some real estate executives familiar with the talks said that the group had offered about $700 million. Mr. Cogsville said his consortium was unwilling to raise its offer to meet the seller’s demands.
“We weren’t prepared to offer a higher price that jeopardized either long-term affordability, or a commercial return,” Mr. Cogsville said.
Thursday, February 19, 2009
New York City 2010
