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Co-op weighs Mitchell-Lama opt-out

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Residents at Southbridge Towers, a 1,651-unit Mitchell-Lama co-op complex near South Street Seaport, have completed a feasibility study for opting out of the Mitchell-Lama program. The study showed that the complex’s average unit would sell for $400,000. Many owners at Southbridge paid a few thousand dollars for their apartments. The proposed privatization of the towers is part of a larger trend that is seeing Mitchell-Lama co-ops across the city opting out of the state aid program due to high real estate values. more [Sun]

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