http://streeteasy.com/building/the-grinnell/5e

The Grinnell used to be a rental at very low rates. They bought out a lot of the rent controlled people about 16 years ago in preparation of a coop conversion. When it was a rental, the building was not maintained properly. I was also considered a tough neighborhood. On the plus side, the rooms were very spacious, although the layouts were not great for modern times. I was going to buy an apartment there when they were converting. However, I was talked out of it by a rent controlled person who had lived there for 30 years. I guess a lot has changed to warrant this high price in the past 16 years.

I believe this is an HDFC building with income limits. I wonder what they are for a $2 million+ apartment?

this building has some of the more interesting apartments I've seen. Just have to be up for living in the heights.

The low-income agreement with the city was for only ten years, 1982-1992.

7E sold in 2014 for $2.025 million so it's not unusual. The Grinnel is a regular HDFC building. If I remember well, the cap is based on the sale price and the buyer's adjusted gross income in the year they purchase.

MIBNYC, Why are you obsessed by this? Are you an HPD troll?

MIBNYC, Why are you obsessed by this? Are you an HPD troll?

Well, it's in contract so I guess they weren't kidding.

Took a long time but I guess someone had a ton of spare cash under the mattress

It's not illegal to have money. Some people inherit, some an insurance settlement, some from a sale of a house. Their tax return is the only qualifying document the HPD requires to satisfy income restrictions.

Strange this does not provoke the same outrage as the 157 W 57 abatement. The buyer should have the resources to pay a fair share of property tax for this luxury unit.

Most HDFC Coops are supposed to have a 70% Flip Tax (30% toe The Coop for their reserve fund and 40% back to HDFC itself - although I might have the numbers reversed). However, almost none are collecting and paying these fees. I'm less appalled by the small Real Estate Tax break they are getting and more appalled with them walking off with millions of dollars which should have gone back into the program to provide the same housing breaks that the people who got to buy in on the cheap got.