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.