Southbridge Towers residents examine “red herring” report on privatization

TRD New York /
Oct.October 09, 2009 08:41 AM

The long debate over privatization at Southbridge Towers near South Street Seaport, which contains 1,651 Mitchell-Lama co-op apartments, is heating up after a new 605-page “red herring” report was released on the issue. The report details the financial repercussions of exiting the affordable housing program and allowing the apartments to be sold at market rate. The units could go for anywhere from $260,000 for a studio apartment to $920,000 for a three-bedroom, and many residents say they would welcome the opportunity to own a valuable New York real estate asset and to be able to pass it on to family members. Others are worried about taxes under privatization, of which the government currently covers 90 percent. State Attorney General Andrew Cuomo’s office is accepting public comment on the red herring until Oct. 23, after which he will make recommendations or amendments and approve a final plan. The vote on the final plan, called the “black book,” is slated to take place next year, and would need approval from two thirds of the apartments in order to pass.


Related Articles

arrow_forward_ios
Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)

Owners of some residential properties can’t hide behind
LLCs anymore

Owners of some residential properties can’t hide behind
LLCs anymore
A rendering of 165 Broome Street (Credit: Handel Architects)

Nonprofit plans affordable housing development near Essex Crossing

Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
JFK Airport’s $15 billion planned overhaul could be delayed for years, as passenger volume continues to plummet. (Rendering via Governor Cuomo's office)

Grounded: JFK’s $15B overhaul could be delayed years

Grounded: JFK’s $15B overhaul could be delayed years
Mayor Bill de Blasio with Jing Fong at 20 Elizabeth Street in Chinatown and St. John the Divine at 1047 Amsterdam Avenue in Morningside Heights (de Blasio by Noam Galai/Getty Images; Jing Fong via Facebook; St. John the Diving via Google Maps)

Schools are racing to lease extra space for socially distanced classes

Schools are racing to lease extra space for socially distanced classes
Gov. Andrew Cuomo (Getty, iStock)

Eviction moratorium extended until September

Eviction moratorium extended until September
Governor Andrew Cuomo (iStock; Cuomo by Stefani Reynolds/Getty Images)

End of eviction ban to unleash 14,000 warrants in NY

End of eviction ban to unleash 14,000 warrants in NY
Gov. Andrew Cuomo (Photo by Richard Drew-Pool/Getty Images)

State can now revoke real estate licenses for discriminatory practices

State can now revoke real estate licenses for discriminatory practices
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...