"Shareholders of the co-op at 45 Fairview Avenue voted twice to sell a vacant lot to affordable housing developers for $7.3 million, only to back out. This came shortly after a state affordable housing agency handed the co-op a $2.5 million mortgage from its Preventative Troubled Assets Program. Then this year, the state Assembly awarded Inwood Gardens $500,000. At the same time the co-op was rejecting my offer to acquire its land, it was accepting bailouts from the state."
"We are simply seeking someone to mediate and navigate towards a resolution in which we can (i) give the Co-Op a big chunk of money (capital for present/future needs) and (ii) allows us to build a new, 100% affordable housing project on vacant land that the Co-Op has no use for, he wrote to a state official. This result would benefit all parties."
Shareholders at Inwood Gardens twice voted to sell a vacant lot to affordable housing developers for $7.3 million, then rescinded the sale. The co-op received a $2.5 million mortgage from a Preventative Troubled Assets Program and a $500,000 Assembly award while rejecting a purchase offer. Developers Coconut Properties and RiseBoro proposed a 100% affordable senior housing project but lost financing after a six-year effort collapsed. The vacant lot remains neglected, developers lament lost opportunities, and taxpayers absorbed the co-op’s costs. Developers continue to seek mediation to provide capital to the co-op and build the project.
Read at therealdeal.com
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