East Midtown Plaza - 2 Bedroom Lottery - Mitchell Lama Coop (purchaser, price)

[WildAboutHarry]

Originally Posted by Native212

Hi, does anyone have any updates on either the path to privatization for East Midtown Plaza or movement on the 2bedroom list?

I’m still holding out hope for eventually getting an apartment, but the list hasn’t been updated in 3 years! Weird, as it used to happen a couple of times a year.

Below is a copy and paste of an earlier post of mine on another thread. Briefly, recent changes make it more difficult (but not impossible) to privatize a Mitchell-Lama building. If a formal attempt is made to go private and it’s voted down they must wait five years to attempt it again. At some point, those who might have been wishing for privatization might be encouraged to move on and move out, perhaps.

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For whatever reason, it did not get much press. Nor does the Governor have it on her brag sheet. Anyhow, see second paragraph from story on Inwood Tower.

“ In keeping with that plan, Hochul recently signed a law that raises the bar for Mitchell-Lama co-ops to opt out of the affordable-housing program and convert their apartments to market rate. The new law requires that 80% of residents — up from 67% — must choose to opt out of the program. It also requires Mitchell-Lama co-op boards to hold six shareholder meetings a year, and if a vote to opt out fails, it places a five-year moratorium on a new vote. The governor’s move has sparked sharp divisions. Supporters of affordable housing are delighted; shareholders and sponsors in Mitchell-Lama co-ops who yearn to transform their apartments to market rate are equally dismayed”

Source:
https://www.habitatmag.com/Publicati...p-for-30-Years

[Native212]

Thank you both, great info. I’ll keep up hope a few more years and check in periodically with the management

[WildAboutHarry]

Thanks. I suggest checking in maybe twice a year.
You can monitor this page. I am not sure how up to date it is. (There are some reason that might explain that) EMP did seem to fill a studio this month from the new lottery, I suppose. They might not have finished with the previous lottery for 2 beds. Page says unit last filled in 2019.

I hope your wait is not too long and you still want the unit when your number comes up. It’s an opportunity.

[BPC1999]

Kind of ridiculous that the lottery closed on 4/20 and here we are, nearly 2 months later and no selections are made.

How hard can it be?

[Native212]

Just wanted to add an update on the 2 bedroom waitlist (from 2014). I stopped by the office at EMP last week and was told that the current application being offered an apartment is 396 - so it hasn’t been updated on the Mitchell lama nyc site, but it is still moving, albeit slowly.

Also, no real news with the privatization process but there is a group still working towards that goal and if I understood what was being said, it has not been decided - my fingers remain crossed - for me personally and for nyc’s affordable housing landscape.

[Native212]

Hi, has anyone heard any news regarding privatization at East Midtown Plaza? The lists are moving painfully slow

[WildAboutHarry]

Originally Posted by Native212

Hi, has anyone heard any news regarding privatization at East Midtown Plaza? The lists are moving painfully slow

No, I have heard no such news recently. I don’t expect to either. Try a Google news search if you want. Privatization is harder now by regulation.

(A Studio, and a 1 bed unit were each filled in February, 2023. A 2 bed was filled the previous October or so.)

A slow moving list for a Mitchell Lama building is normal under normal circumstances, even more so in Manhattan. EMP is a very favorable deal so people don’t leave. When vacancies occur infrequently the list moves slowly. A small consolation is that the older a list gets there is a tendency for it to jump many log#s between vacancies, but that is subject to circumstances we can’t control.

If privatization were coming up, people wouldn’t leave until they went private. Why would anybody be in a hurry to leave such an excellent deal, and then be able to reap a huge profit when they sell. However, Privatization is more difficult now under the new Governor.

What was year was it when you saw news of privatization EMP? This matters because if a privatization vote fails, they have to wait some set amount of time before they are allowed to trying it again, this is what I recall.

[Native212]

I visited the office last year and the management representative told me that the board was in the process of considering another vote. I thought there had been a vote that failed about 5 or 6 years ago, but my dates are not precise on that one.

I have talked with people that live there and it seems like there are quite a few absent owners and sublets. Especially with older owners who have moved away and younger relatives keeping up the apartment either just in case it privatizes or to sublet. Of course it is hear say, but it made me sad, as I, like others have been waiting a long time for an opportunity at a secure affordable home.

From what I understand it’s pretty common for people in Mitchell lamas to buy a home outside the city eventually, using their subsidized apartment as a peid-a-terre. I can understand the appeal but it does seem unfair

[WildAboutHarry]

2 Bed, Last Approved on 3/30/23, #441

Studio, 2/16/23, #75
1 bed, 3/1623, #487
3 bed, 1/3/23, #11
4 bed, 12/30/20, #48

All unit sizes have been approved at least once in 2023 except 4 bed. I am not guessing there are many 4 bed units in the building. As I recall, each unit size was a separate lottery on a separate date.

[Louise6]

On the Mitchell-Lama page that shows the waiting list numbers last approved, some of the numbers have a triangle with an exclamation point next to them. Does anyone know what this means? Thanks!