The Real Deal New York

Low-income EV rentals go co-op, for $250 a share

December 14, 2012 02:30PM

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The Cooper Square Mutual Housing Association, which provides low-income housing, in the first two weeks of this month arranged roughly 280 closings in 21 city-owned co-ops that it manages. Most of the buildings are located on East Third and Fourth streets, the East Villager reported.

“Tenants are buying shares in the MHA for the jaw-dropping amount of just $250 each,” Val Orselli, the association’s executive director, told the East Villager, noting the relatively affordable price per share. “We’ve averaged about 60 closings per day so far.

“The co-op units come as part of a conversion. The buildings were previously tenements; some units had tubs in their kitchens and shared bathroom hallways and were badly in need of renovation. The renovations began in the early 1990s, and stalled during the downturn. The co-op conversion could only happen after renovations were completed; final property was finished four years ago.

The 20% of residents who didn’t purchase co-op shares will either have rent-stabilized units or rents determined by Rent Guidelines Board increases. [East Villager] — Zachary Kussin

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