Stuyvesant Town tenants are offered co-op plan

Let's see how pro rent-stabilization Stuy-Town tenants are if given the opportunity to buy-in.

The behavior of the junion mortgage holders seems rather bizarre, like that of a man walking a pirate
gangplank with his hands tied behind his back trying to start a new career as a stand-up comic.

Stuy-Town is now worth only about 50-55% of its first mortgsge amount. All 1st first needs to do is to fore-
close its mortgage and the junion mortgagees become - what else would you expect - shark bait.

> But Mr. Cestero said the city was concerned about taking so many apartments out of the city’s rental inventory through a co-op conversion. “Most important,” he said, “you don’t want to pull these complexes out of the hands of the middle class for future generations.”

cannot be arranged as many other ex-projects, with a huge flip tax and price cap so that there's no incentive to sell?

The apartments would have to be dirt cheap for the "traditionally" rent stabilized tenants to bite. Why pay 300k to 600k for an apt + maintenance costs of probably 1k a month when you're paying less than 2k a month in rent? Unless of course you're planning to move outside the city anyway and flip the apt.