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Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of
1934, Section 17(a) of the Public Utility Holding Company
Act of 1935 or Section 30(f) of the Investment Company Act
of 1940
(Print or Type Responses)
1. Name and Address of Reporting Person
Paul Milstein
1271 Avenue of the Americas, #4200
New York, N.Y. 10020
2. Issuer Name and Ticker or Trading Symbol
Starrett Corporation (SHO)
3. IRS or Social Security Number of Reporting Person
(Voluntary)
4. Statement for Month/Year
January, 1997
5. If Amendment, Date of Original
(Month/Year)
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[ X ] Director [ X ] 10% Owner
[ X ] Officer (give [ ] Other (specify
title below)
Chairman of the Board
7. Individual or Joint/Group Filing (Check Applicable Line)
[ X ] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially owned
1. Title of Security
(Instr. 3)
Common Stock, $1 par value
2. Transaction Date (Month/Day/Year)
1/8/97
3. Transaction Code (Instr. 8)
Code V
J
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
Amount (A) or (D) Price
as a result of transfer D -
100,000 of 500,000 shares by
Builtland Partners, without
consideration, to the
Milstein Family Foundation
5. Amount of Securities Beneficially Owned at End of Month
(Instr. 3 and 4)
747,477
120,000
30,643
16,250
Total: 914,370
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
I
I
I
I
7. Nature of Indirect Beneficial Ownership (Instr. 4)
Through PIM Holding
As Partner Builtland
As Partner Bradley
By Spouse^
Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
^ The undersigned disclaims beneficial ownership of shares
owned by spouse
* If the form is filed by more than one reporting person, see
Instruction 4(b)(v).
SEC 1474 (7-96)
Table II Derivative Securities Acquired, Disposed of, or
Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security
3. Transaction Date (Month/Day/Year)
4. Transaction Code
(Instr. 8)
Code V
5. Number of Derivative Securities Acquired (A) or
Disposed of (D)
(Instr. 3, 4, and 5)
(A) (D)
6. Date Exercisable and Expiration Date (Month/Day/Year)
Date Exercisable Expiration Date
7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Title Amount or Number of Shares
8. Price of Derivative Security (Instr. 5)
9. Number of Derivative Securities Beneficially Owned at
End of Month (Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or
Indirect (I) (Instr. 4)
11. Nature of Indirect Beneficial Ownership (Instr. 4)
Explanation of Responses:
Paul Milstein
/s/Paul Milstein
March 26, 1997
**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute
Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be
manually signed.
If space provided is insufficient, see Instruction 6
for procedure.
Potential persons who are to respond to the collection of
information contained in this form are not required to respond
unless the form displays a currently valid OMB Number.
SEC 1474 (7-96)
