A $1.3-billion bid last year byClipper Equities was blocked by the Federal Department of Housingand Urban Development, after it said the acquisition wouldjeopardize affordability of the 5,800-plus apartments on thesite.
When asked if he expects a similarly priced bid after thememorandum, Neveloff says, "my expectation, is there will be somechange, but we'll see. That's what the free market is."
Likely bidders could include joint ventures between a group withan affordable-housing focus and another entity interested in itscommercial space, including a 142,000-sf shopping center and vasttracts of developable land. "What you'll see is a more focusedgroup of buyers," Neveloff says.
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