A judge has given a green light to the $905 million sale of the massive Starrett City housing complex in Brooklyn that is part-owned by President Trump after overruling objections by investors claiming the price was too low.
Heirs of the late real-estate mogul Disque D. Deane and California-based investment firm Belveron Partners — which together own 15 percent of the 5,881-unit complex — sued the majority owners in September, arguing that the confidential sale process undervalued the sprawling property.
They believe the 145-acre Starrett City overlooking Jamaica Bay is worth at least $1 billion. It is the largest federally subsidized housing complex in the country.
Dean’s third wife, Carol G. Deane, orchestrated the deal with real estate firm Brooksville Co. and private equity group Rockpoint last summer. She wanted to offload the asset because of pending balloon payments on a mortgage and tax issues, according to court papers.
About 70 percent of the owners accepted the $905 million offer, arguing that Brooksville and Rockpoint would preserve Starrett City as affordable housing. They also believe the price is fair, according to court papers.
Belveron claimed Deane rejected its higher offer.
In her ruling released Tuesday, Manhattan Supreme Court Justice Saliann Scarpulla said she would not hold up the sale because the minority owners could always receive financial compensation if they could prove that the property was worth more than $905 million.
Trump has a 4 percent stake in Starrett City. He’s expected to make about $14 million from the sale, which still requires approval from the federal government.