Coney Island housing complex gets $21M to stay affordable
November 02, 2009 06:30PM By David Jones
From left, Brooklyn Beep Marty Markowitz, State Sen. Diane Savino, Rep. Jerrold Nadler
The agreement ends years of controversy about the Coney Island co-op complex. A number of shareholders at the 1,600-unit development had been actively considering a plan to go private, with some actively pushing for a feasibility study on whether to exit the Mitchell Lama program.
"It was a poignant moment for us to preserve the affordability [of Luna Park]," said one local official, who asked not to be identified.
Several other Mitchell Lama buildings in the Coney Island area have gone private in recent years, including Ocean Towers, a 360-unit development that was sold for $5.9 million to Cammeby's International in 2007.
The agreement was reached after intensive talks between a number of local politicians and city agencies, including Representative Jerrold Nadler, Brooklyn Borough President Marty Markowitz and State Senator Diane Savino. Under the agreement, $15 million will come from the city department of Housing Preservation and Development, while the remaining funds will come from other sources.
The grant is the largest ever allocated through the Mitchell Lama program by HPD.
Officials said the funds will be used to replace brickwork, windows and the building rooftops.
"The buildings are in terrible shape," said the official.
HPD officials were not immediately available for comment.
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Comments
Anonymous
Why are my tax dollars being spent to keep these people's rents below mine?
Comment #1 Posted By: Anonymous 11/03/09
John
First off, the rents may not be below yours, and secondly, because these are middle class people who would be pushed out of the city if profit-driven coops and landlords were allowed to push to what the market would bear. My neighborhood has been devastated by the free market. Now my building is full of people who bought for a pied d' terre or an investment, and frankly, nobody actually lives there. The result is homeless people sleeping in the halls. It's important that people who actually live in the city have someplace to go.
Comment #2 Posted By: John 11/03/09
Anonymous
This is really a joke. The complex needs over $ 75 million dollars of work just to fix the concrete & keep the bricks from falling off the buidings. The reason being when the City built Luna Park it used tainted concrete for the brick work. It was the City's incompentency. In addition , Brooklyn Boprough President Marty Markowitz wants to build his vanity Amphitheater in Brighton Beach's Seaside Park ( Asser Levy Park) at a cost of over $ 64 million dollars , when NO ONE in the neighborhood besides Marty wants this boondoggle of a venue. It is our only open space in the area. Marty should use that money to help the people of Luna Park & not on his own Monument to himself.
Comment #3 Posted By: Anonymous 11/03/09
Anonymous
number 2 you are an idiot and a liar. sorry your building has homeless people sleeping in the halls but it has nothing to do with the market. typical knee jerk left wing proganda. take an economics class
Comment #4 Posted By: Anonymous 11/03/09
Anonymous
Luna Park you want your place fixed? then go private and pay for it yourself. like EVERYONE else in this country. Stop having a sense of entitlement that the goverment (i e taxpayers) owes you anything! we don't
Comment #5 Posted By: Anonymous 11/03/09
Anonymous
its beach front property. Sell to the highest bidder!
Comment #6 Posted By: Anonymous 11/03/09