Seward Park
Air Rights
This site will present the issues you should know about the sale of Seward Park Housing Cooperative's (SPHC) air rights to the Ascend Group.
- June 7, 2018: There are LOTS of updates, so you may as well go through the entire site!!!
What do you want to know about selling Seward Park's air rights?
What do you want to know about selling Seward Park's air rights?
The Seward Park Housing Cooperative (SPHC) has received an offer to sell our air rights to the Ascend Group, developer of a large apartment complex on the site of the landmarked Bialystoker Nursing Home on East Broadway, contiguous with Seward Park property. In exchange for our air rights, Ascend would be able to build a 22 story tower (242' high) on the corner lot of Clinton and East Broadway, and a massive 33 story tower (343' high) on the east side of the Bialystoker.
The Seward Park Housing Cooperative (SPHC) has received an offer to sell our air rights to the Ascend Group, developer of a large apartment complex on the site of the landmarked Bialystoker Nursing Home on East Broadway, contiguous with Seward Park property. In exchange for our air rights, Ascend would be able to build a 22 story tower (242' high) on the corner lot of Clinton and East Broadway, and a massive 33 story tower (343' high) on the east side of the Bialystoker.
Justifiably, a lot of shareholders are concerned about the co-op's finances. SPHC's board has done a commendable job negotiating the price up from Ascend's original offer of $15 million to the current offer of around $52 million (pre-tax). This sounds like a wind fall for the coop, but after taxes and the four month maintenance holiday, the co-op will net only $34 million. Before we approve the IRREVERSIBLE sale of our rights, there are lots of aspects to the sale that need to be included in our decision-making process. Read through the other pages of this site.
Justifiably, a lot of shareholders are concerned about the co-op's finances. SPHC's board has done a commendable job negotiating the price up from Ascend's original offer of $15 million to the current offer of around $52 million (pre-tax). This sounds like a wind fall for the coop, but after taxes and the four month maintenance holiday, the co-op will net only $34 million. Before we approve the IRREVERSIBLE sale of our rights, there are lots of aspects to the sale that need to be included in our decision-making process. Read through the other pages of this site.