The board of a Murray Hill co-op at 303 East 37th Street is considering selling off their land for development and could be looking for as much as $100 million, TRD reports. The 80,000-square-foot, 84-unit building is only half as large of a building as the site could accommodate under current zoning. If the shareholders of this residential co-op are serious about selling, they'll need a majority vote, based on a percentage specified in their by-laws. Additionally, any rent-regulated or original tenants from when the building was converted to a co-op in 1980 could not be evicted from the property as long as they continue to pay rent.
TRD points out that it's "highly unusual" for co-op buildings to sell, but is something that's occasionally talked about. The building is currently being marketed by Massey Knakal. Between the majority vote and consensus of all tenants, it may be quite the challenge to get this sale off the ground. But on the off chance it plans out, Midtown Tunnel drivers could be looking at an increase in the size of their scenery.
· Murray Hill co-op building could fetch $100M [TRD]