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  • Rumor about sale of Penn South apartments.

    I was recently told about this rumor, and wonder if anyone else has heard also? - Penn South apartment owners can sell their units out to the public, but only at the price that the resident bought it.

    To my mind, the rumor is false because - HPD regulations do not permit that sale. - all purchases and all sales must occur through the Penn South Management Office and that office will not permit the sale. - if the sale happens outside the Management Office good title will not pass to the buyer.


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    Last edited by sweeney41370; 07-17-2015, 01:29 PM. Reason: Typo

  • #2
    Re: Rumor about sale of Penn South apartments.

    Don't know how a rumor like that starts, but if you're a Penn South resident you would know that present status stands at least until 2022 when a new vote will be taken. Maybe someone else has better information but as far as I know, no one can sell their apartment.

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    • #3
      Re: Rumor about sale of Penn South apartments.

      yes I totally agree with Magpie=== totally false

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      • #4
        Re: Rumor about sale of Penn South apartments.

        I thought it was false as well.
        And, unfortunately there are so many rumors like this about Penn South apartments, the PS Board, the PS management.
        It is a pity that PS Management/Board does not have an ask-a-question feature on the PS website to let the Chelsea community to get answers about rumors such as the one I brought up.
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        • #5
          Re: Rumor about sale of Penn South apartments.

          Well, that rumour didn't start here.

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          • #6
            Re: Rumor about sale of Penn South apartments.

            Totally a rumor, we are locked into a contract until at least 2030. A Q & A for the Board and Management would be a great idea and will probably happen as more info starts to go out via email. Electronic communication is the way to go, kills rumors quickly.

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            • #7
              Re: Rumor about sale of Penn South apartments.

              And starts rumors even more quickly.

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              • #8
                Re: Rumor about sale of Penn South apartments.

                Originally posted by SNAP View Post
                And starts rumors even more quickly.
                Appropriate responses to rumors by Management in a systematic way WILL most certainly kill rumors. That, however, assumes that Management or Board is keeping track of the rumors...I'm not so sure that Management or the Board is on this site. Let's face it, the Penn South website needs a huge amount of work to be truly useful...how come so search feature on the site? There should a robust search feature in front of the firewall for the waiting list folks and a robust search feature behind the firewall for residents of PS. I thought that current Board member Sasha is a tech guy at Columbia Univ. Why is he not working on making the PS website better?

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                • #9
                  Re: Rumor about sale of Penn South apartments.

                  Couldn't agree with you more. I also thought Sasha would be doing better for our technology, but so far it's been a big disappointment. For almost a year I've been complaining to Phillippe that the RCN channel 98 isn't working for Bldg. 5. It should be showing the video for using the convectors. The audio is working but the video is nothing more than the technicolor bands...no video. Phillippe says it's an RCN problem (but has done nothing to fix the problem) and RCN says it's a Penn South problem. The biggest problem around here is that not enough people complain.

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                  • #10
                    Re: Rumor about sale of Penn South apartments.

                    I was told that there is a board committee with Sasha, working with management to enhance the web page I guess it's a process which takes time but is moving in the right direction.

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                    • #11
                      Re: Rumor about sale of Penn South apartments.

                      Originally posted by coop member View Post
                      I was told that there is a board committee with Sasha, working with management to enhance the web page I guess it's a process which takes time but is moving in the right direction.
                      I have not read anything in the Board minutes or the Coop Council minutes about a board committee to enhance the PS web page. It would be useful if the Board informed the PS community about such a committee and obtained input from the PS community about what features and content would be useful on the PS website.

                      Two things I would like to see is are a published and updated price list for renovation of surrendered apartments and how much money the coop is losing for vacant apartments.
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                      • #12
                        Re: Rumor about sale of Penn South apartments.

                        Originally posted by sweeney41370 View Post
                        how much money the coop is losing for vacant apartments.
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                        the co-op wouldn't be losing if they are draining the previous tenants equity.

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                        • #13
                          Re: Rumor about sale of Penn South apartments.

                          Originally posted by kafkaesque View Post
                          the co-op wouldn't be losing if they are draining the previous tenants equity.
                          Actually going back to that Council minutes of May 22, 2014, it is quite possible that the equity of a long-time resident could be easily drained if that resident purchased a unit in the 1970s or the 1980s prior to the double-equity pricing. Especially if PS has to spend money to gain good title to the apartment. And, apparently a PS policy is in effect that no outgoing estate will be charged more than 3 months carrying charges.

                          Even so, "draining" or exhaustion of existing equity is NOT a good thing as the money might be needed, for example, to cover things such as funeral expenses or paying for a new apartment in PS.
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                          • #14
                            Re: Rumor about sale of Penn South apartments.

                            Originally posted by coop member View Post
                            I was told that there is a board committee with Sasha, working with management to enhance the web page I guess it's a process which takes time but is moving in the right direction.

                            Hm, you'd think that that board committee would ask cooperators what changes they would like to see to the PS website. Who ya kiddin...the Board doesn't give a rat's a*s about making a useful website because only a minority of cooperators use, it the board thinks.

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