Roosevelt Island tenants get rare chance to buy

A large residential property on Roosevelt Island known as Island House will be converted into an affordable co-op. The 400-unit complex was under the state-supervised Mitchell-Lama program, which controls the rents that landlords can charge tenants for a set period of time in return for tax breaks and other benefits, but under the new plan existing tenants of the building will get the opportunity to buy their apartments at reduced prices, according to David Hirschhorn, a general partner of the group that owns Island House. The deal was worked out closely with the governor’s office and state agencies ā€” namely the Division of Housing and Community Renewal ā€” as well as the property’s tenant association. For those who decide against buying, rents will be capped under regulations that are similar to rent stabilization laws.

Crain’s New York

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