Written by Bill Morris on August 23, 2012
Erected in 1905, the rental building at 34 Jefferson Avenue in Brooklyn, where the Clinton Hill and Bedford-Stuyvesant neighborhoods meet, has a tangled history. Tenants took the landlord to court in 1979 and won permission to move toward becoming a limited-equity Housing Development Fund Corporation (HDFC) co-op.
But after three years, virtually no steps had been taken toward converting the 66-unit building. In 2001, some residents came up with a strategy. If the building stopped paying its real estate taxes, it would eventually become delinquent and would then qualify for New York City's "Third Party Transfer" (TPT) program.
Thinking of buying a co-op or condo? Already bought, and not sure how co-op/condo life and rules work? Learn all about purchasing a place and living in your new community. It's not like renting, and its not like owning a house. What's it like?