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Two Bridges? It's on the other side of Madison St past Seward Park Coops. 305 Madison St.
I applied. Hell yeah I'd buy a 1bd for 24k. $700-800/mo might be high maint, but with such a low buyin price, you come out so far ahead in future growth. Plus, i love the LES, I don't think I'll ever leave unless I left America lol.
I did, but it wasn't clear what the income limits were by household size. I could only find the range for 1-3 person households.
Not sure how you get future growth in a limited-equity co-op, unless it goes private? But I haven't really researched the program (and maybe you're talking about investing the money saved).
(Two weeks, no advertising...I wonder how many people applied. I stumbled across it completely by accident on the last day with like four hours to go.)
The point of Mitchell Lamas is that residents usually sacrifice future growth for the opportunity to purchase at an extremely low price and have an affordable place to live. There is a clause which allows MLs to go private but that's not their purpose (supposedly).
But if your entire monthly expenses for housing consist of (amortized opportunity cost of spending $24K) + maintenance + occasional repair-type expenses, you will presumably be able to save and invest the difference. Hard to imagine you wouldn't be paying significantly less per month than you would for the same-size apartment in the 165% AMI band in an "affordable" apartment. Probably even the 130% AMI band.
I haven't made it on to the waiting lists of any of the six ML co-ops I've applied to, so I'm not getting my hopes up.
Im on the same boat. Since 2014 I have applied to Penn South, St James,
BIG SIX TOWERS, Trinity House, East Midtown Plaza and York Hill. Nothing. Nada. All studio or one bedroom. Don't know if I have ****ty luck or what.
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