By Jett Rubenstein: September 30, 2016
In response to a memorandum issued in August 2016, by Esplanade Gardens Management, regarding my previous story regarding their units buying out of the Mitchell Lama affordable housing program, and thousands of shareholders being able to possibly sell their units to the open market for fair market prices, their management, which solely acts as a representative for the Board of Directors, and have no authority to comment or release any information regarding any financial issues regarding this cooperative, are being told by their Board to keep current shareholders in the dark.
Esplanade Gardens Board Of Directors doesn’t want their shareholders to know, that similar Mitchell Lama former subsidized units in Manhattan, like Clayton Houses at 485 Lenox Avenue, have already bought out of this expired, defunct program, which was started in the early 1960, and intended to last for only 30 years until mortgages to build this property and others were paid off in exchange for federal subsidizes, which has already been completed years ago, but this complex continues to keep or “claim” this housing complex to still be a part of a non-existent, expired program and continue to falsely mislead their shareholders.
The reason the Esplanade Gardens Board Of Directors want to keep their approximately 1990, mostly African-American, middle-income families, mostly elderly and without a college education, in the dark, is for the purpose of simply waiting for hundreds more of the elderly occupants to go to nursing facilities, or “die out” so the Board may have financial control over hundreds of these vacant units with no owners, which will be taken over, to offer to the wealthy for millions of dollars in the near future. Currently, a simple 700 square foot, 2 Bedroom unit with balcony, goes for a whopping 32,000 dollars, making it impossible for a working class family to afford, and the waiting list has also been mysteriously shut down, even though hundreds of vacant units have existed for years.
It is obvious, the Board Of Directors want shareholders to falsely believe they have a worthless piece of ownership, and want them to continue to move or die out, to empty this housing complex for the gentrification of the wealthy to start occupying these units worth millions which proceeds of these sales will go to the Board Of Directors. Therefore, if you are a shareholder in this complex, you might want to hold on to this great investment which will be worth millions in the future.
By Jett Rubenstein / July 11,2016
As you probably realize, real estate in Harlem has increased in value over 100% within the last 5 years. Esplanade Gardens, a 1900 unit middle income cooperative housing complex, located at 147th Street and Adam Clayton Powell Boulevard, which stretches to 147th Street and Lenox avenue, was built in 1966 and is federally subsidized under the Mitchell Lama program, an affordable housing program founded by senator MacNeil Mitchell and Assemblyman Alfred Lama back in the early 60’s. Most shareholders occupying these federally subsidized co-op apartments have purchased their unit at a discounted rate from 1,500 dollars to 16,000 which is a highly discounted rate for a New York City apartment and most shareholders pay only a small maintenance which covers all utilities for about 700 dollars or less per month, making this housing complex a great deal. However, with inflation, the purchase price of these units have soared from 1,500 to a whopping 32,000 dollars to purchase a 2 bedroom unit in this complex, making it merely impossible for most working families to afford to buy. Therefore, most of the earlier shareholders who moved in 40 or 50 years ago have died or have gone to nursing facilities leaving hundreds of vacant units sitting there with nobody to buy, but will be up for bidding in a lottery soon. According to sources and HPD, Esplanade Gardens will buy out of the expired Mitchell Lama program in mid 2017, and all units will become fair market value, meaning all shareholders will be able to sell their units on the open NYC market at fair market values up to 1 million dollars making this buy an excellent investment for the earlier buyers and a chance for shareholders to become millionaires from a sale of their unit in this complex. Ive spoken to several shareholders who are waiting for the buyout possibly next year to sell their units and stated they will move out of town with their newfound wealth. In my opinion, Esplanade Gardens is definitely a goldmine and if you are lucky enough to own a unit in this complex, you should definitely consider it to be a valuable asset.
By Jett Rubenstein / July 8,2016
I am a Harlem resident originally from Boston. I have received some disturbing news regarding my community, from a very reliable source that an identified billionaire housing developer has recently purchased three Harlem housing project developments from the City Of New York ,which will displace thousands of low-income families. The Polo Grounds Houses located on Frederick Douglass Boulevard at 155th Street, the Alexander Hamilton Houses on Adam Clayton Powell Boulevard and also the Harlem River Houses also located at Adam Clayton Powell Boulevard in Harlem. These housing complexes which houses approximately 6,000 low-income tenants has been sold to a developer which will demolish the property and build 6,000 luxury condominium units ranging from 400,000-2.2 million dollars in early 2017 which 10% of the units being offered to middle income families with an average income of 58,000 a year through a special lottery. According to my sources, current tenants will be given a monthly voucher worth 1,000 dollars for rent and a small moving stipend to cover their moving expenses, but most tenants will not be guaranteed these vouchers according to a reliable source and many tenants will have to go on their own to find other housing. I have contacted several housing agencies and the Mayors office regarding this situation and neither agency will issue a comment regarding this breaking news matter. Of course if I receive any additional news, I will update new information to my blog.