The board finally agreed to the sale of our air rights. This win secures the financial future of our shareholders and proves that collective action forces change.
October 18, 2018
The Majority of Seward Park Shareholders Demand The Sale of Our Air Rights
Final supporters
We believe we still have an opportunity to sell our air rights to the developers of the “Bialystoker” lot, which is the demonstrated will of the majority of the shareholders. The $54 Million in proceeds is needed to keep us all, even those opposed to the sale, in pristine financial condition.
In addition to paying down our mortgage and making millions of dollars in necessary infrastructure repairs, we were all going to enjoy a four month maintenance holiday.
Instead, we are now facing maintenance increases, assessments, and no new lobbies for a very long time.
When we passed the amendment requiring the 2/3 vote of fellow shareholders, the Board wrote a letter to shareholders explaining their rationale as follows:
We assert that the intention of the 2014 amendment was to allow for competition via multiple offers, leaving our air rights available for future deals if not transacted. In the case of the Bialystoker/Ascend offer, once the land is developed as of right, the air rights we could have sold are worthless. We propose that IN THIS LIMITED-SCOPE SCENARIO WHERE THERE IS ONLY ONE POTENTIAL LAND-ADJACENT PURCHASER, THE BYLAWS SHOULD BE AMENDED FROM A 2/3 APPROVAL TO A SIMPLE MAJORITY.
The purpose of this petition is to organize 25% of our stockholders to call a “special meeting,” pursuant of Article 1, Section 2 of our bylaws. There is a reason this process exists in our governing documents, and we intend to exercise our rights. Our financial future is too important, and too uncertain to let this slip away. If you agree, please sign this petition, and pass along to fellow shareholders.
Thank you.
Updates
September 2, 2018
We just hit 500 signatures. Print this petition and drop a copy in your neighbor's mailbox to keep the momentum moving.
Reached 500 supporters
August 30, 2018
August 28, 2018
We are approaching 500 signatures and need to hit this milestone before we approach the Board. Send the link to three neighbors who still have not signed this petition. Post this link on your building group chats right now to ensure our message is impossible for them to ignore.
Reached 100 supporters
June 18, 2018
235 Comments
A financially struggling cooperative turns down $54 million because 17 extra stories will impede several apartments’ views. Never mind the elderly & others who cannot afford the steep maintenance rises & assessments Seward Park will need to levy to meet escalating taxes & much needed repairs.
The no vote is disingenuous---talking out of both sides of their mouths. "I don't want to block my view'---but, I don't want to pay more maintenance." I'm just an obstructionist with no ideas!
Apt C1903. Wish us luck with this. The rejection of the 54 million is absolutely ridiculous. We're losing the light in the park anyway with the as-of-right plan. And those losing their view are also losing it with the as-of-right!!
The board should immediately seek expertise to partner with reputable interested developers to build income generating structures using our air rights. With the passive income stream our maintenance should be minimized and our property values will increase. It makes no sense to sit on unused air rights.
We need to change the bylaws and fulfill the will of the majority. When the building goes up, so will our bills, causing our values to go down — all because a misguided minority was able to dictate our fate.
Majority vote!!
apartment B1806
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The board finally agreed to the sale of our air rights. This win secures the financial future of our shareholders and proves that collective action forces change.
October 18, 2018
The Majority of Seward Park Shareholders Demand The Sale of Our Air Rights
Final supporters
We believe we still have an opportunity to sell our air rights to the developers of the “Bialystoker” lot, which is the demonstrated will of the majority of the shareholders. The $54 Million in proceeds is needed to keep us all, even those opposed to the sale, in pristine financial condition.
In addition to paying down our mortgage and making millions of dollars in necessary infrastructure repairs, we were all going to enjoy a four month maintenance holiday.
Instead, we are now facing maintenance increases, assessments, and no new lobbies for a very long time.
When we passed the amendment requiring the 2/3 vote of fellow shareholders, the Board wrote a letter to shareholders explaining their rationale as follows:
We assert that the intention of the 2014 amendment was to allow for competition via multiple offers, leaving our air rights available for future deals if not transacted. In the case of the Bialystoker/Ascend offer, once the land is developed as of right, the air rights we could have sold are worthless. We propose that IN THIS LIMITED-SCOPE SCENARIO WHERE THERE IS ONLY ONE POTENTIAL LAND-ADJACENT PURCHASER, THE BYLAWS SHOULD BE AMENDED FROM A 2/3 APPROVAL TO A SIMPLE MAJORITY.
The purpose of this petition is to organize 25% of our stockholders to call a “special meeting,” pursuant of Article 1, Section 2 of our bylaws. There is a reason this process exists in our governing documents, and we intend to exercise our rights. Our financial future is too important, and too uncertain to let this slip away. If you agree, please sign this petition, and pass along to fellow shareholders.
Thank you.
Updates
September 2, 2018
We just hit 500 signatures. Print this petition and drop a copy in your neighbor's mailbox to keep the momentum moving.
Reached 500 supporters
August 30, 2018
August 28, 2018
We are approaching 500 signatures and need to hit this milestone before we approach the Board. Send the link to three neighbors who still have not signed this petition. Post this link on your building group chats right now to ensure our message is impossible for them to ignore.
Reached 100 supporters
June 18, 2018
235 Comments
I began as a firm no, and ended up as a firm yes. If they are building anyway, we should benefit. I'm also tired of construction and sick over the changes in our neighborhood, but I hope we can revisit this vote.
A financially struggling cooperative turns down $54 million because 17 extra stories will impede several apartments’ views. Never mind the elderly & others who cannot afford the steep maintenance rises & assessments Seward Park will need to levy to meet escalating taxes & much needed repairs.
The no vote is disingenuous---talking out of both sides of their mouths. "I don't want to block my view'---but, I don't want to pay more maintenance." I'm just an obstructionist with no ideas!
Apt C1903. Wish us luck with this. The rejection of the 54 million is absolutely ridiculous. We're losing the light in the park anyway with the as-of-right plan. And those losing their view are also losing it with the as-of-right!!
The board should immediately seek expertise to partner with reputable interested developers to build income generating structures using our air rights. With the passive income stream our maintenance should be minimized and our property values will increase. It makes no sense to sit on unused air rights.
We need to change the bylaws and fulfill the will of the majority. When the building goes up, so will our bills, causing our values to go down — all because a misguided minority was able to dictate our fate.
Majority vote!!
apartment B1806
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I began as a firm no, and ended up as a firm yes. If they are building anyway, we should benefit. I'm also tired of construction and sick over the changes in our neighborhood, but I hope we can revisit this vote.