Co-ops, co-ops, co-ops, co-ops

1981

Gold rush

Story of the year? How about the story of the last five years — it was the co-oping frenzy that took landlords by storm, starting with a modest mid-rise building at 3840 Greystone Avenue in 1978.

By August of 1981, The Press, reported, tenants in 50 buildings from Kappock Street to West 261st Street and from Palisade Avenue to Broadway had received “red herrings,” preliminary offering plans with red lettering on the cover page, “black books,” offerings approved by the state attorney general, or accepted conversions.

Tenants greeted the wave of change with a mixture of enthusiasm and dread. Those who could afford to purchase their homes were tantalized by the opportunity for a real estate killing. Some even bought multiple apartments at insider prices. Others feared eviction if they couldn’t afford to buy.

Almost weekly, The Press reported new developments in battles between landlords and tenants and struggles to have the state legislature strengthen laws protecting tenants. At one point, the paper codified its coverage in a sought after booklet that became a tenants’ handbook.