HABITAT
On the Money: How Bryn Mawr Ridge Pulled Itself Up By Buying Down
Written by Carol J. Ott on December 02, 2014
The Bryn Mawr Ridge co-op in Yonkers has been able to pull itself up from a state of near-extinction to robust health following a simple tenet: turnover, then buy down.
Back in the early nineties, the sponsor of the 528-unit, 19-building garden apartment complex went belly-up. The bank took over 239 unsold units — then went out of business itself.
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