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And so it went in favor of going private. Hi all. Sorry for the ignorant question but what happens when Mitchell Llama goes private? Any pros and cons? Thanks in advance.
So East Midtown Plaza is going private in the end? That was the decision?
Oh jeez.
I want to get in there before they privatize...
Best give up Shoshana, at least till the dust settles. The route that they will logically follow is to withhold newly vacated apartments so that in the event of a privatization these very valuable apartments can be sold by the board for big money to help prevent massive escalations in maintenance fees.
If the privatization vote FAILS, like it did last time, your chances will be enhanced.
Best give up Shoshana, at least till the dust settles. The route that they will logically follow is to withhold newly vacated apartments so that in the event of a privatization these very valuable apartments can be sold by the board for big money to help prevent massive escalations in maintenance fees.
If the privatization vote FAILS, like it did last time, your chances will be enhanced.
Oh no.
Thanks for the advice.
When and how can we find out if the privatization vote will fail, do you know?
And so it went in favor of going private. Hi all. Sorry for the ignorant question but what happens when Mitchell Llama goes private? Any pros and cons? Thanks in advance.
What happens is that the co-op must refinance its loan and pay off the state and/or federal government what it owes...usually many millions. So mortgage costs soar because those old government loans were typically at 1%. Taxes will soar because the generous tax breaks for ML are revoked.
The big PRO is that people who paid a few thousand to buy in can sell for hundreds of thousands. A large flip tax is charged by the co-op to help defray costs. I THINK, but I do not know, that each co-op can choose this percentage. A friend at Southbridge Towers said her recently privatized ML co-op is charging a 28% flip tax.
A big CON is that reality dictates that if somebody sells, he had best plan on moving out of the City where his windfall is worth something.
So I guess if we don't see a change in status on the waiting list on the NYC Housing Connect website we can inquire but I think they are still moving forward with selling apartments. We will see soon enough.
Today, I've called to the management of EMP. They said there is no withhold until final decision about privatization. They are going to call a new people until at least 2nd vote that can take place after a minimum one year from 1sr vote. They are working with veterans now
They said there is no withhold until final decision about privatization
They LIED.
You might be right. What is your feeling on them going private this time?
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