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I applied for Coop in NYC in Nov 2016. Just got a letter with a log no # 9X. Can anyone share their experience and how long can it take for 4 bedrooms?
I lived in Southbridge Towers and we fought like demons to stay Mitchell-Lama so that it took 9 YEARS for us to lose. But the smell of money to be made was in the air, no place quite like the financial district, so they were never, not ever going to stop trying to privatize. They still let people in off the waiting list, but it was interesting how skewed those new incomers seemed to be toward privatization. They had some people who moved in and while signing the lease, also had to opt in or out of the privatization plan on the same day.
The flip tax was 30%, so whatever windfall people thought was coming their way, it was automatically 30% less than the sales price. That will keep costs in check for a while, but at some point those sales will slow down and those tax breaks they lose will start to make themselves felt.
What I find most interesting is how soon they let EMP vote again. It used to be that the subject came up every 20 yrs and if it was voted down, you had a long wait for next time.
The privatization of Southbridge was one of the turning points of gentrification in the city.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
The privatization of Southbridge was one of the turning points of gentrification in the city.
SF,
Privatization of Southbridge was only recently finalized, so late in the gentrification timeframe. I went to a Fourth of July, 2015, party with a spectacular view of the fireworks (high floor with terrace overlooking the Brooklyn Bridge and East River and the owners were still awaiting finalization which came several months later. They immediately complely renovated the bath and kitchen ($30K). It is probably the nicest 1 bedroom apt. I have ever been in. I believe they said the flip tax was 28% but that is hearsay.
I believe my friends have opted to stay, at least for the near present.
they only had 1 apartment to offer me i asked if there were others and i was told no.
the price was different from what was advertised i had to scramble and beg for money because it was impossible to get a bank loan
honestly, the process took a few months once i got emailed and called in.
Did they only notify you by email or did they call or send a letter too?
Any news on EMP? I see the 2 bedroom changed but no 1 bedrooms?
They got stocked at the same number since the last year. The line is not moving at all for 1bedroom. I have no clue about the reason.((
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Emp
