Much like the residents of Stuy Town, the tenants of the Cooper Square Mutual Housing Association has been hoping for years to buy their apartments cheaply, as co-ops. Their plan?which dates from the association's formation in 1991, but required the renovation of 21 buildings before co-op sales could begin?is finally being put into action. The state Attorney General's Office approved the co-op conversion in early October, and closings?280 of 'em!?are now taking place, the East Villager News explains. The tenants are buying their apartments (or rather, shares in the association) for $250.
For residents who don't want to buy under this deal, their apartments will be rent-stabilized or their rents will be determined according to Rent Guidelines Board increase numbers. And buying isn't necessarily a useful investment: while insider buyers only have to pay $250 and outsider buyers can get in for $1,800, they're limited to reselling at those prices adjusted for inflation and renovations.
· Affordable M.H.A. tenants buy their units for only $250 [East Villager News]