Tenants of Roosevelt Island building can buy units at reduced prices

TRD New York /
Oct.October 08, 2012 03:30 PM

A 400-unit residential complex on Roosevelt Island, called Island House, is going co-op. A new program worked out with the state Division of Housing and Community Renewal will allow existing tenants of the building to buy their apartments at reduced prices, if they wish, David Hirschhorn, a general partner of the group that owns Island House, told Crain’s. He declined to provide prices for the apartments.

There were limited options available for the building, which was built under the state’s Mitchell-Lama program, but whose guarantees of reduced rent had expired. The program provides tax breaks for developers who in exchange have a ceiling on rents they can charge for a specified period.

“The options for the building would have been to convert it to unregulated rentals or to so something else,” Hirschhorn told the magazine. “For tenants we are giving them an opportunity to become a homeowner and rental protection, for us, [the owner], it allows liquidity through selling units.” [Crain’s] — Guelda Voien

 

Related Articles

arrow_forward_ios
2000 Valentine Avenue and 1985 Webster Avenue (Credit: Google Maps)

Investors partner on $170M Bronx affordable housing purchase

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

Hudson, Related land “complex” financing package for next Riverwalk building

Hudson, Related land “complex” financing package for next Riverwalk building

Fake broker faces six years in jail for affordable housing scheme

Fake broker faces six years in jail for affordable housing scheme

State comptroller raises questions about spending at Mitchell Lama development

State comptroller raises questions about spending at Mitchell Lama development

“Some a—shole” who allegedly shot up Solow’s rental tower had talked about shooting someone on his Facebook page

“Some a—shole” who allegedly shot up Solow’s rental tower had talked about shooting someone on his Facebook page

Police release video of “some a–hole” firing gun at Solow’s One East River Place

Police release video of “some a–hole” firing gun at Solow’s One East River Place

Police believe that “some a—hole” on Roosevelt Island is shooting at Solow’s One East River Place rental tower

Police believe that “some a—hole” on Roosevelt Island is shooting at Solow’s
One East River Place rental tower

arrow_forward_ios
Loading...