Luna Park co-op gets new funding

Luna Park co-op

Coney Island’s Luna Park closed on a $47 million bank loan Monday, the Wall Street Journal reported. The five-tower, 1,576-unit cooperative had been threatening to drop out of a state housing program for middle-income residents and to convert to market-rate apartments. Instead, Monday’s deal marked the last piece of an aid package that also includes commitments for $21 million in government grants and loans for the complex that will eventually be forgiven. As part of the
funding package, Luna Park agreed to remain in the state’s Mitchell-Lama program for at least another 20 years, with incentives to remain an additional 10 years. The funding will be used to strip off all the bricks from the building, and to install new windows and roofs. [WSJ]

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