Starrett City in Brooklyn is the largest federally subsidized housing complex in the country. It even has its own power plant.
The original developer passed away some time ago. The current shareholders would like to sell the complex or at least the developer’s widow, who controls most of the shares, would like to do so.
An auction was held for the complex and a price agreed to. However, regulators determined that the prospective buyer was not fit.
Because President Trump has a small stake in the development, it was decided to avoid media scrutiny and approach prospective buyers who might be interested to determine if they might be deemed fit.
A buyer was found, but the sale is delayed as The New York Times reported in “The Messy Family Battle for Starrett City.”
The problem is a group of dissident shareholders. They include four of the widow’s stepchildren who have previously accused her of mismanaging the family’s business affairs.
These dissidents claim that she did not accept the highest bidder for the property and are causing delays.
It is not clear what the original source of the family dispute is.
Sometimes stepchildren and stepparents fight over estates, just because they can.
There does not necessarily need to be a good reason.
That means planning for blended families in estate plans is important. Plans need to be written in a way to minimize any disputes.
Reference: New York Times (Oct. 31, 2017) “The Messy Family Battle for Starrett City.”
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