A majority of residents at Southbridge Towers, a 1,651-unit apartment complex in New York, recently voted for the complex to exit the Mitchell Lama affordable housing program and take their apartments private. Partner Stuart Saft was charged with putting together the privatization offering plan.
“We are going to amend the offering plan to advise the residents of the vote and give them 90 days to decide whether to remain as shareholders or become rental tenants or leave,” Mr. Saft said. “Providing that two thirds of the owner decide to remain as shareholders, we will amend the plan again to advise everyone that two thirds of the owners are remaining as owners, and then schedule the reconstitution, which will probably early 2015.”
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