Jackson Heights Rental Complex Washington Plaza May Go Co-Op

It looks like the Jackson Heights rental complex at 35th Avenue and 74th Street may go co-op. A thread popped up on Jackson Heights Life after Washington Plaza residents received a “red herring preliminary prospectus plan.” The prospectus states that 15 percent of tenants must declare an intent to buy for the co-op conversion to go into effect. As a resident stated, “So, there are 192 apartments, and 15% would be 27 units. However (and if I’m reading correctly), any apartments in which the legal tenants are elderly or disabled don’t count toward the total, so say there are 32 apartments that fall into that category… Now we’re looking at 15% of 160 units, or 24 units.” If enough residents decide to buy, this would be a non-eviction conversion where the rent-stabilized residents can stay and will be able to renew their leases. The preferential price for existing tenants for a one-bedroom apartment is estimated at $270,000 with a maintenance of $780. There will be a tenant meeting on the matter this Monday.

The Washington Plaza complex is made up of six six-story apartment buildings and a single-story gatehouse. There is a park that begins at the gatehouse and extends throughout the complex. You can read more on the architecture of the Art Deco design here.

Washington Plaza Going Coop? [Jackson Heights Life]

Photo via city-data.com