The UHF abandoned the project in March 1971 after running out of money. At the time, construction had begun at the north end of the complex. Following the exit of the UHF, the project was sold to a new group of investors, including Disque Deane and Lazard Frères along with around 200 other individuals. This group would become the Starrett City Associates. The complex was renamed Starrett City and would be developed as a joint venture by the Starrett Corporation and the National Kinney Corporation. In addition, the development was changed from a co-op to rental apartments in part to make the development more profitable.