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The Majority of Seward Park Shareholders Demand The Sale of Our Air Rights

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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:

"This resolution is not intended to impede the sale or lease of air rights, rather it is intended to better ensure that any air rights transaction is in the best interest of cooperators and to ensure transparency of full details. Air rights are valuable assets and could potentially greatly benefit SPHC. However, these assets need to be carefully and responsibly managed so to receive maximum benefit, and not be squandered."

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.

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