Putting “Package” Together/Soliciting Buy Out Opportunities w/ Deed Restriction

Backstory: I live in a HDFC (Housing Development Fund Corporation) co-op building in NYC. There is a deed restriction in place for another ~10 years that can only be lifted by HPD. The building is located in a desirable part of upper Manhattan, close to the subway, and similar buildings on surrounding blocks have already been knocked down and re-developed.

The residents in my building are all at a point where we are looking to sell our apartments and move, and are looking to solicit offers for the entire building as a group as opposed to selling our individual units. I believe that there would be similar interest among our neighbors on the block (mostly rental buildings, and one other HDFC). Here are my questions…

· Are there developers out there who have experience and the inclination to develop a block that has two buildings with deed restrictions in place? The lifting of deed restrictions has been a touchy political issue recently, but I’m assuming that it may be possible to get HPD approval if there was a net gain in affordable housing units with the new c onstruction?

· If this is something that may be viable, are there particular developers that specialize in it?

My understanding is that the new 421a abatement requires new developments to include affordable housing and also requires the use of union construction below 96th street (we are above 96th st). I was considering speaking to my neighbors in the surrounding buildings to see if we could put a package together to solicit to developers, but didn’t want to lead them on if this wasn’t something that was remotely feasible.

Any input would be greatly appreciated.

vera

in General Discussion 7 years and 11 months ago

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resident2 | 7 years and 11 months ago

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It sounds like you are living in a very miss-managed building. Many HDFC are. Which is a major problem in the City, that the City does not Police this properly, not only helping buildings mange themselves but also making sure that they do not get taken over by fiefdoms.
There are many HPD programs that help get HDFC’s infrastructure updated and low income senior citizens get the same “rent increase exemptions” in their monthly maintenance if it goes up too high for them to afford it, by way of credit off the Real Estate tax bills etc.
HDFC’s should remain, what they are; housing for low income people and an opportunity to save for something better. But people look at them as a lazy place to live for the rest of their lives and in your case a windfall!

vera | 7 years and 11 months ago

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I certainly hear where you’re coming from, and will admit that our motivation isn’t entirely selfless. The challenge with HDFC housing is that over time the operating costs for the building raise the maintenance beyond what the majority of owners are able to afford, and they are unable to sell their units because people who meet the income restrictions can’t qualify for financing and/or the buildings aren’t eligible for bank financing due to financial hardship. Seeing the area redeveloped, with a net gain in affordable housing units that are part of a more stable development seemed like a win for everyone involved, especially my elderly neighbors who have been there for decades but struggle with living in a walk-up as they advance in age. There is an element of selfishness to it for sure, but we’ve been a cohesive community for many years, and I’d like to see everyone I care about get as much equity as possible so that they may live out the rest of their lives as comfortably as possible.

shahnandersen

in General Discussion 7 years and 11 months ago

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Greed is a terrible thing. You got a great deal in order to support affordable housing. Not for you to make a killing (and have the City lose affordable housing).

mozeeatupu | 7 years and 11 months ago

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There is no way the city should allow HDFC units much less whole buildings to be demolished.
You benefited from the program and now that you got yours, you want to tear down the path that allowed that?
There’s a reason the deed restrictions insist that ALL the units always remain affordable.