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

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

Governor Andrew Cuomo and 538 Johnson Avenue in Brooklyn (Credit: Google Maps and Getty Images)

Landlords take another hit: Cuomo signs expanded Loft Law

According to a lobbyist, the REBNY is not planning to attend Governor Andrew Cuomo’s birthday party (Credit: Getty Images, iStock)

Big Real Estate facing new limits on NY state campaign contributions

New York Governor Andrew Cuomo (Credit: Getty Images, iStock, Wikipedia)

Cuomo signs bill to lock up landlords who harass tenants

From left: Assembly member Joseph Lentol, Governor Andrew Cuomo and State Senator Liz Krueger (Credit: Getty Images)

Tenant harassment bill hits governor’s desk

205 Park Avenue (Credit: Google Maps)

Developer files plans for mixed-use project facing BQE

Clockwise from left: 10 Jay Street, Rochdale Village and 46-06 57th Avenue (Credit: Google Maps)

These were the top 10 outer borough loans last month

arrow_forward_ios