Thursday, January 31, 2008

Quick Updates: Rivercross Votes to Begin Privatization

According to one unofficial report the tenants of the Rivercross building have voted to initiate the privatization process and exit the NYS Mitchell-Lama program. Supposedly the voting results closely mirrored that of the Dec 2007 vote voided by DHCR. In that vote, according to the Dec 15, 2007 Main Street WIRE, approximately 84% of the voting tenants voted Yes to begin the privatization process. Yesterday's vote would authorize the Rivercross Board of Directors to file the appropriate paperwork with the DHCR of their intention to exit Mitchell-Lama.

It is unclear still what percentage of apartments voted in this process or how many apartments could not vote due to the fact that their owners were out of town and not allowed to vote due to the DHCR rule that “first” votes are not allowed to include votes by proxy. I am guessing the official results will be posted by tomorrow and slipped under each tenant’s door.

UPDATE from the Main Street WIRE:

From: Dick Lutz / The Main Street WIRE
Sent: Wednesday, January 30, 2008 9:41 PM
Subject: Rivercross Votes to Pursue Privatization

"Rivercross shareholders voted today to move ahead on privatization in the first of three required votes. With about 80% of the apartments in the building voting, there were 229 yes votes, and 58 no votes. This first vote in the series of three is a restart of the process, implemented after DHCR disqualified, as the first vote, a vote taken in 1996. The second vote is now expected within a couple of months -- probably in March, according to building Treasurer Steve Kaufman. "

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