Sample Projects
Garden Court
Garden Court is a 157 unit building that was foirmerly owned by the City of New York. The building was renovated almost 30 years ago through the Mitchell-Lama Program.
Problem
Garden Court is a 157 unit building that was foirmerly owned by the City of New York. The building was renovated almost 30 years ago through the Mitchell-Lama Program. Since 1994, the tenants have worked with the City on formulating a plan to purchase the property and convert Garden Court into a cooperative. However, by 1998, the conversion plan had failed. The City allowed the tenants one more opportunity to formulate a cooperative conversion plan for the building before selling the building to a private concern.
Solution
The tenants chose Horsford & Poteat Realty as the development consultant for their building. Our firm quickly formulated a two-pronged approach to confront this difficult conversion process. First, Horsford & Poteat Realty negotiated fiercely with the City in order to form an attractive financing proposal for the tenants. Second, the firm assisted the tenant leaders in organizing and educating the entire building about the cooperative conversion process. After completing more than $2MM in renovations to the building, the tenants are in the final stages of the cooperative conversion process.
Scope of Work
1) Moderate renovation of 157 unit building
2) Conversion of building from rental to cooperative
Total Project Cost
$2,200,000
Reference
Roger Ho
NYC-HPD
(212) 863-6415