Skip Navigation
StreetEasy Logo

Limited Equity Coops

Started by AkerlyRE
over 14 years ago
Posts: 16
Member since: Jan 2010
Discussion about
My mom recently moved to Manhattan and, by our standards here, would be classified as "moderate income." She has her Social Security and a decent savings, but retiring in Manhattan will not be easy for her. I recently came across the Penn South Cooperative in Chelsea. Their waiting list for apartments is so long that it's closed, but I was intrigued by the concept of the limited equity coop. Does anyone know of any similar buildings in desirable NYC neighborhoods? Are there any other housing opportunities that would appeal to a moderate income senior (e.g. I'm familiar with 80/20 housing opportunities)? I would greatly appreciate any insight you might have.
Response by alanhart
over 14 years ago
Posts: 12397
Member since: Feb 2007

I'd contact all 80/20 buildings to get on their waitlists (tenant turnover subsequent to initial lottery). HPD and DHCR have lists ... you might need to go beyond their websites and contact bureaucrats by phone/email to get the lists.

Most buildings like Penn South are in the Mitchell-Lama coop programs. For those in desirable neighborhoods, they either have "open" waitlists (typically 17 years or so) or "closed", with periodic lotteries and then usually longish waits. For the latter, because of the lotteries, you can't even get on the waitlist unless you luck out.

Ignored comment. Unhide
Response by NWT
over 14 years ago
Posts: 6643
Member since: Sep 2008

There's a story in today's paper about infighting at Penn South over repairs, future status, etc.

Ignored comment. Unhide
Response by SunnyD
over 14 years ago
Posts: 107
Member since: Jul 2009

You may want to look at HDFC co-ops. Many have income-restrictions, flip taxes, & may require all-cash purchases. But, those asking prices tend to be relatively low; as is the monthly maintenance.

Ignored comment. Unhide

Add Your Comment