The Real Deal New York

Southbridge Towers officially exiting Mitchell-Lama program

1,650-unit complex to go private following state's validation of tenant vote
November 26, 2014 12:55PM

Southbridge Towers, a roughly 1,650-unit affordable housing complex in the South Street Seaport area, will officially go private, thus leaving the Mitchell-Lama program.

The Division of Housing and Community Renewal concluded an investigation it began last month into the vote by tenants on the proposal to take the property private. The state agency said it found no fault with the voting margin. Two-thirds of residents at Southbridge Towers, which is located at 90 Beekman Street, voted to turn their subsidized co-ops into market rate apartments, as previously reported.

Owners needed 1,072 votes to privatize the building, and a total of 1,082 “yes” votes were counted.

If Attorney General Eric Schneiderman accepts the offering plan for the complex, owners will have the opportunity to sell their apartments on the market, the Downtown Post reported. [Downtown Post via Curbed]Mark Maurer

Correction: This article incorrectly stated Southbridge Towers’ location. It is in the South Street Seaport area.