East Midtown Plaza - 2 Bedroom Lottery - Mitchell Lama Coop

[village native]

Yes. See the answer on the Studio wait list number question.

[Native212]

Hi,

It’s been quite a few months since anyone’s posted on this forum, has anyone heard anything regarding either the current numbers being offered apartments (last updat was 6 months ago) or privatization?

It would also be great if anyone who has been offered an apartment could share either photos or information on the condition of the apartment. I spoke with a young man (seemed new) in the office early last summer, when I asked what the current cost was for the two bedroom apartments he told me that he couldn’t give me that number because it depended on how much the family moving out wanted to be reimbursed for any renovations, then he looked uncomfortable and quickly went into a back room. I’m wondering what this reveals exactly - it certainly implies some sort of internal system of sales. Any ideas or knowledge would be appreciated:-)

[WildAboutHarry]

Originally Posted by Native212

Hi,

It’s been quite a few months since anyone’s posted on this forum, has anyone heard anything regarding either the current numbers being offered apartments (last updat was 6 months ago) or privatization?

It would also be great if anyone who has been offered an apartment could share either photos or information on the condition of the apartment. I spoke with a young man (seemed new) in the office early last summer, when I asked what the current cost was for the two bedroom apartments he told me that he couldn’t give me that number because it depended on how much the family moving out wanted to be reimbursed for any renovations, then he looked uncomfortable and quickly went into a back room. I’m wondering what this reveals exactly - it certainly implies some sort of internal system of sales. Any ideas or knowledge would be appreciated:-)

Your question about price is not a simple one to answer.

I don’t know how much leverage a co-op seller has to be reimbursed for renovations. It might be almost none. I suppose they could change their mind and not sell. However, the purchaser’s household income matters to the price, too low and it is disqualifying. Household income too high, there could be a surcharge or disqualification.

Household Income effects price Here is an 2012 example for Studios at East Midtown Plaza
Studio, Income Range $19,133.20 - $119,375.00; Price Range $39,540.60 - $64,264.04

Also, the units on higher floors might have a higher price. And if there is significant size or feature difference between two units that might effect the price, the larger unit might be priced higher, or the unit with balcony or something might be priced higher.

‘Mitchell Lama Rules’
https://www.nyc.gov/assets/hpd/downl...lama-rules.pdf

See also ‘ Supplementary Material and Resources’ for ammendments made in 2023.
https://www.nyc.gov/site/hpd/service...a-program.page

(BTW a unit was filled this week but not a 2 bed.)

[Native212]

Thank so much for your reply! That was quite helpful