Seward Park Co-op votes down $54M air rights sale to Ascend Group

At the annual meeting of the Seward Park Cooperative board on Tuesday, turnout was high for one of the most important votes the shareholders have ever taken: selling the 1,700-unit complex’s excess development rights to the Ascend Group, a developer planning two condominium towers nearby. About 1,300 apartment units participated, with 57 percent in favor, but that vote fell short of the two-thirds majority required by the co-op’s rules. The $54 million deal is now […]

Source: Real Estate

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