228 W 17th Tenants Association Conversion

Cooperative and Condominium Law

228 W 17th Tenants Association Conversion

Tenants of this 15-unit building in Manhattan’s Chelsea neighborhood have sought ownership for more than a decade. After over a decade of negotiating with the City of New York, the tenants have purchased the building and have created a tenant owned limited equity housing cooperative.

Goldstein Hall’s Role

Goldstein Hall has drafted the cooperative offering plan and negotiated its approval with the New York State Attorney’s General Office. The firm is helping the tenants association to navigate the challenges associated with gaining ownership from a public administrator and entering into regulatory agreements in order to obtain tax benefits.