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To answer Kefir King's questions, HPD officials informed those shareholders opposed to privatization IN WRITING that the money ($20 million) would be made available if the Board agreed to remain in Mitchell Lama for 15 years. But the unanimously pro-privatization Board maintains that these assurances are worthless.
There is one(1) four-bedroom apartment at EMP. It is presently illegally occupied by...the President of the Board of Directors! But since the Board's the only party that could now possibly evict him, he gets to keep it. As indicated earlier, just google "Mark Andermanis East Midtown Plaza" to read numerous online accounts of the whole sad story. Arrogant Andermanis also owns a "vacation home" in Pennsylvania, and harbors an illegal dog in his apartment.
This morning, as I left my building at EMP at 9:00 AM, there were 5 homeless persons camped- out with their belongings in the Plaza. (Usually, it's only 1 or 2.)
Mortgages are almost never an option: Mitchell-Lama co-ops may be relatively cheap, but that doesn’t mean it’s easy to come up with tens of thousands of dollars to buy one—particularly on an eligible salary. But getting a mortgage for a Mitchell-Lama is tricky, to say the least. While there’s no specific regulation preventing a buyer from borrowing against their Mitchell-Lama co-op shares, Quigley says, the problem is that banks are not keen to lend against them. If you stop making your mortgage payments, a bank can’t simply foreclose and sell the place on the open market. “Most banks don’t understand what a Mitchell-Lama is,†Roberts says.
In rare cases, Mitchell-Lamas have set up internal programs to lend to buyers, sometimes for up to 100 percent of the purchase price, Roberts says. (To see if a building has one, call management.) Meanwhile, HPD recently met with the community non-profit Neighborhood Housing Services about creating a type of home loan to finance Mitchell-Lama purchases, Quigley says. That option, however, is not yet available.
Well i just got the mail this morning informing me that im number 392 and send the application back with the 200 dollars.. im wonderng did anyoen get into any of these apartments? is it worth it? how big is it? any pictures?
weinstock1 - I'm on vacation and cannot post any pictures but we have a two bedroom that is a little over 1,000 square feet. It has a galley kitchen, a foyer, a 12x28 living room, one bathroom and a 8x11 terrace off of the living room (some terraces are enclosed). The apartment is el-shaped and a hallway leads from the foyer to the bedroom/bathroom area while another hallway leads from the foyer to the kitchen/living room area. It was definitely worth it for us. The price you will pay is a bargain compared to similar apartments on the open market.
weinstock1 - I'm on vacation and cannot post any pictures but we have a two bedroom that is a little over 1,000 square feet. It has a galley kitchen, a foyer, a 12x28 living room, one bathroom and a 8x11 terrace off of the living room (some terraces are enclosed). The apartment is el-shaped and a hallway leads from the foyer to the bedroom/bathroom area while another hallway leads from the foyer to the kitchen/living room area. It was definitely worth it for us. The price you will pay is a bargain compared to similar apartments on the open market.
Hi, I was wondering seeing that you live at EMP what is the concensus this time around for privatization? I am on the list for the one bedroom log number under 100 was so happy to have a chance but now not so sure.
NYC246 - last time a vote on privatization occurred (probably about 6 years ago), there was just less than the 2/3's majority needed to privatize. Last week a vote occurred on whether to study privatization. I think 64% voted that the study should occur. It will probably take a few months before the study starts and a year to have the study done. I believe any vote wouldn't occur for a year and a half to two years from now. Even if it is passed it may face lawsuits and would have to go through a certain procedure to privatize so I'm guessing the earliest the privatization could occur would be about 3 years in the future.
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just found this thread ..
