New York State’s highest court has ruled that East Midtown Plaza will remain affordable, ending years of feuding between residents over whether the six-building co-op complex should get privatized, Real Estate Weekly reported.
The 746-unit complex, between First and Second Avenues and 23rd and 25th Streets, is covered under the Mitchell-Lama Law, which sets limits on apartment sale prices. A group of residents—dubbed the “privateers”—wanted to take the co-ops private to turn a profit on their unit sales and to bring in income for the property from increased flip taxes. Another group—the “antis”—wanted to maintain the complex as affordable housing for the area. [more]