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Old 07-12-2017, 09:40 PM
 
Location: In the heights
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Like a conversion to a Mitchell-Lama co-op, any other co-op, to market rate rentals, to condos? Has this ever been done? If so, what are the examples and how have they fared?
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Old 07-15-2017, 12:39 PM
 
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Yes... the two biggest in recent memory were Southbridge Towers (ML Co-Op converting to Market Rate Co-Op) and Independence Plaza / Independence Plaza North (ML Rental converting to Market Rate Rental).

With Southbridge, I'm not sure how that fared. I'm assuming some owners made a pretty penny, but paid a ton of flip tax, and the flip tax of those who 'cashed out' is probably keeping the maintenance for the people who stayed relatively low for now.

With IPN...I'm sure you can imagine how that fared. The demographic of the building and in turn the whole neighborhood changes. When IPN was IPN...those people were there for good. Neighborhood fixtures. Now with the building being market rate, you get more of a transient crowd, people passing by for a year or two paying $5500 a month while they work at one of the banks downtown before they eventually pack up and go somewhere else.

Unless you're talking about a NYCHA building converting to a market rate building. I am not sure if that has happened; probably not. I know the ones in forest hills converted to co-op and there is a rumor that a few buildings in the LES (Pitt Street, the buildings on Ave D) are going to be doing the same thing
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Old 07-15-2017, 05:20 PM
 
18,238 posts, read 11,645,412 times
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Quote:
Originally Posted by OyCrumbler View Post
Like a conversion to a Mitchell-Lama co-op, any other co-op, to market rate rentals, to condos? Has this ever been done? If so, what are the examples and how have they fared?
I've said this before:


Markham Gardens Manor, Staten Island's newest low-income senior housing, nears completion | SILive.com


Some former residents of Staten Island's Markham Gardens not eligible to return | SILive.com


Purely market rate? No, not projects but plenty of Mitchell-Lama (Ruppert Towers comes to mind).
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Old 07-16-2017, 12:30 PM
 
Location: LES & Brooklyn
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I think MeadowWood at Gateway used to be Mitchell-Lama back in the day now turned condos. Also Vanerderveer in Flatbush is now Flatbush Gardens market rate rentals. I'm not sure if Vanderveer was NYCHA owned or Mitchell-Lama.
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Old 07-16-2017, 05:03 PM
 
18,238 posts, read 11,645,412 times
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Here is the thing; when Mitchell-Lama was developed it specifically gave owners the right to leave program after a period of time (30 years IIRC), and or the mortgages were paid.


In true fashion of what passes for government in this state and city no one at the time worried about what would happen thirty years in future. They all just glad handed each other about the success of creating "affordable housing" (sound familiar?).


Of course by the time 30 years came to pass those responsible were either dead, out of office and or moved on. This left current government holding the bag...


https://cooperator.com/article/the-m...t-process/full


https://commercialobserver.com/2012/...o-market-rate/


Tough Fight to Keep Mitchell-Lamas from Going Private | City Limits
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Old 07-17-2017, 07:48 AM
 
Location: Confines of the 101 Precinct
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I've posted about this several times throughout the years. These M-L's originally started out as NYCHA and got converted:

Franklin Plaza, formerly Benjamin Franklin Houses
Luna Park, formerly Luna Park Houses
Cedar Manor, don't know their former name

I'm sure there are several more M-L like this. I would love to know why they got converted but have not found any info.
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Old 07-17-2017, 08:20 AM
 
Location: In the heights
20,109 posts, read 21,722,272 times
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Sorry, I meant specifically NYCHA housing projects that became somethinng else--that something else can be M-L coops. I'm not really talking about M-L to market rate. However, those M-L conversions to market rate are interesting.

So are SeventhFloor examples it or are there others?

SeventhFloor, do you know anything about the change in the area and residents within those places once the conversion took place? Are there any resources you know of that go into detail about these on the Internet aside from what a cursory search on Google would yield?
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Old 07-17-2017, 09:03 AM
 
Location: Confines of the 101 Precinct
19,086 posts, read 32,655,211 times
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Quote:
Originally Posted by OyCrumbler View Post
Sorry, I meant specifically NYCHA housing projects that became somethinng else--that something else can be M-L coops. I'm not really talking about M-L to market rate. However, those M-L conversions to market rate are interesting.

So are SeventhFloor examples it or are there others?

SeventhFloor, do you know anything about the change in the area and residents within those places once the conversion took place? Are there any resources you know of that go into detail about these on the Internet aside from what a cursory search on Google would yield?
I mean, you can just look around and see. A lot of M-L are right next to NYCHA for some reason, my guess is they thought it would stabilize the area. There's very limited info on these conversions, I only know what I know through my own research based on what I've learned in my career.
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Old 07-17-2017, 09:09 AM
 
Location: Confines of the 101 Precinct
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I have reason to believe that Woodstock Terrace Co-op in the Bronx was another conversion as well, from NYCHA to M-L. I don't have real proof of this, but weirdly DOB lists them as part of the McKinley Houses.
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