More tensions are rising over the city’s multifamily-transfer program

Elected officials have already called for a halt to the program

TRD New York /
May.May 03, 2019 12:34 PM
19 Kingsland Avenue in Bushwick (Credit: Google Maps)

19 Kingsland Avenue in Bushwick (Credit: Google Maps)

A judge ruled that the city’s move to foreclose on a Brooklyn co-op building was “a grave injustice.” Now, the city is fighting back.

Attorneys for the city’s Department of Housing Preservation and Development are arguing that building owners are given ample time to catch up on back taxes before a foreclosure, according to The City.

One of the properties in contest is 19 Kingsland Avenue in Bushwick, where co-op owners received a a notice that Neighborhood Restore, a non-profit, would soon be managing the building. The building’s shareholders had been making payments on their $78,000 in owed taxes and fees as part of a planned agreement with the Department of Finance. State Supreme Court Judge Mark Partnow reversed HPD’s foreclosure of the property, calling it “a grave injustice” in a March 28 ruling.

The ongoing case — which involves a total of six Brooklyn properties — highlights problems with the Third Party Transfer program, created by HPD in 1996. The program allows the city to sell deeds of apartments that owe back taxes or utility bills to third party non-profit and for-profit developers who must maintain the property as affordable housing.

But some say that because of the high costs of maintaining a building, a low- to middle-income co-ops aren’t set up for success.

Partnow’s reversal comes after the DOF and Department of Environmental Protection foreclosed on 62 properties that owed on water and sewer bills, which is prompting calls from Brooklyn elected officials to put the breaks on Third Party Transfers until investigation and reforms. [The City] — Georgia Kromrei


Related Articles

arrow_forward_ios
WeWork employees speak up to management, NY condo buyers can stay anonymous after all

WeWork employees speak up to management, NY condo buyers can stay anonymous after all

Airbnb lost by a landslide in Jersey City. What went wrong?

Airbnb lost by a landslide in Jersey City. What went wrong?

Airbnb CEO Brian Chesky and Jersey City Mayor Steve Fulop (Credit: Twitter, iStock, Airbnb)

Stakes are high as Jersey City residents vote on Airbnb

(Credit: iStock)

What’s wrong with J-51? Plenty, landlord reps say

Alexandria Ocasio-Cortez, Bernie Sanders and Elizabeth Warren

By the numbers: Breaking down national housing agendas from the far left

Nuveen CEO Vijay Advani, Blackstone President & COO Jonathan Gray and one of the Texas properties

Blackstone just sold off a 29M sf national industrial portfolio

Granit Gjonbalaj (Credit: LinkedIn)

The purge continues: WeWork’s head of real estate is leaving

Judith and Rudy Giuliani Rudolph and Judith Giuliani are divorcing after 16 years. (Credit: Getty Images, Trulia, Highrises)

Luxury properties at play in Rudy Giuliani’s ugly divorce

arrow_forward_ios