NEW YORK CITY-The owners of the federally subsidized Starrett City apartment complex have taken the Brooklyn property off the market after two years, citing a lack of financing in the current economy, according to a report in the New York Times. At the height of the market, they had hoped to sell the 140-acre, 5881-unit complex for more than $1 billion, the Timesreported.

In March 2007, a bid by Clipper Associates to buy the complex for $1.3 billion was blocked by the US Department of Housing and Urban Development, on grounds that the deal could have led to escalating rents there. A memorandum of understanding was signed last year to ensure that rents at the complex would remain affordable. In July, there were four companies which reached the final round of bids, apparently, to no avail.

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