BOSTON (June 10, 2008) � Recap Advisors, LLC, has been selected to manage the proposed sale of Starrett City, also known as Spring Creek Towers, on behalf of Starrett City Associates (SCA). SCA selected Recap based on its national reputation for innovative transaction structuring, its proven track record, and its defining commitment to positive economic and social outcomes for affordable housing assets. "They are very cutting edge � the best at what they do", said Harvey Rudman, President of SCA.

Recap is providing SCA with advisory services in addition to managing the sale process. The firm was an active participant in the negotiations leading to a landmark Memorandum of Understanding (MOU) between SCA and federal, state, and local government housing agencies, announced by Senator Charles Schumer, Governor David Paterson, Representative Ed Towns, and others in a news conference held at Starrett City on June 2. The MOU sets forth a structure for a sale transaction which will recognize the substantial value that SCA has created over the years, receive required government approvals, and ensure that they will remain as affordable housing for at least another 20 years.

For Starrett City, Recap's efforts are being led by the firm's president, Todd Trehubenko. "We are very pleased to be part of the SCA team," said Trehubenko. "While there are many challenges ahead, we understand that the stakes are high for all parties. We look forward to working closely with potential purchasers, government agencies, and other stakeholders to create a successful preservation solution."

Developed in the 1970s as affordable housing for middle-income residents under the New York State Mitchell-Lama program and the federal Section 236 program, Starrett City is the largest federally-assisted rental housing complex in the United States. Located on 140 acres of land in Brooklyn, it includes nearly 6,000 rental apartments, 8 parking garages, a 124,000 square foot commercial shopping center, a health club and community center, and its own power plant.

The sale effort began officially on June 3 with the issuance of an Invitation to Bid by Recap. The sale terms are based on the MOU, and prospective bidders or bid teams must demonstrate a strong track record of owning and managing complex affordable housing assets. Bids will be accepted through July 8, 2008.