Lindsay Park (housing cooperative)

Lindsay Park is a housing cooperative located in the Williamsburg neighborhood of Brooklyn, New York. The cooperative is part of the Mitchell-Lama Housing Program, through which the state of New York grants it tax exemptions to maintain affordability.[1] With 2702 units, it is the largest Mitchell-Lama co-op in Brooklyn.[2][3] According to a 2014 article in The New Republic, Lindsay Park is the most ethnically diverse apartment complex in the United States, with an ethnic makeup that is 33.1 percent white, 31.1 percent East Asian, 30.3 percent Hispanic, and 4.3 percent African American.[4]

The 22-acre (8.9 ha) complex was completed in 1965. Upon its completion, the co-op was saddled with $42 million in debt after its developer, Stanley J. Harte, failed to pay the property's mortgage. As interest accumulated on the debt, it ballooned to $105 million in 2003, which led the New York City's Department of Housing Preservation and Development to renegotiate the mortgage at a lower rate. Nevertheless, revenue has remained a problem for co-op management.[5] In 2015, the Brooklyn District Attorney's office opened an investigation into "mistreated money" by the co-op's managing board.[1]

References

  1. 1 2 Dai, Serena (July 17, 2015). "Lindsay Park Board Being Investigated for 'Mistreated Money,' Sources Say". DNAinfo. Retrieved 31 August 2015.
  2. ↑ Warerkar, Tanay; Blau, Reuven (August 14, 2013). "Williamsburg housing complex makes push to support Vito Lopez in City Council bid". Daily News. New York. Retrieved 31 August 2015.
  3. ↑ Taub, Matthew (August 20, 2014). "Brooklyn's Largest Affordable Housing Co-Op Mired in Mismanagement, Corruption: Petition". Brooklyn Brief. Retrieved 31 August 2015.
  4. ↑ Teng, Elaine (September 5, 2014). "This Is the Most Diverse Apartment Building in America". The New Republic. Retrieved 31 August 2015.
  5. ↑ Salinger, Tobias (August 5, 2013). "Tensions at Brooklyn Coop Reflect Mitchell-Lama Woes". City Limits. New York. Retrieved 31 August 2015.

Coordinates: 40°42′18″N 73°56′49″W / 40.705°N 73.947°W / 40.705; -73.947


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