Q&A
Statistics on property transfers and cooperative conversions in TPT program
1:57:19
·
3 min
Council Member Sanchez inquires about the statistics of property transfers and cooperative conversions in the Third Party Transfer (TPT) program. Deputy Commissioner Kim Darga provides data on properties that petitioned to become cooperatives over the first ten rounds of the program.
• 73 properties petitioned to become cooperatives, with 47 converting successfully • 13 properties remained as rentals, and 13 buildings are pending conversion • Over 520 properties were involved in total, but exact mix of nonprofit vs. for-profit transfers is unclear • Community Land Trusts (CLTs) were not significantly involved due to their limited presence when the last TPT round started in 2015
Pierina Ana Sanchez
1:57:19
The afternoon is is the clock is ticking, so let me be a little selective with my final questions here so we can get to public testimony.
1:57:39
Give me one second.
1:57:46
Okay.
1:57:47
So so just based on post transfer for the record, HPD, do you have how many properties in round 10 or interested in round 10, but it could be by round or whatever.
1:58:01
How many properties were transferred to tenant ownership or CLT ownership?
1:58:07
Sorry.
1:58:07
The category is being tenant ownership, CLT ownership.
1:58:11
Nonprofit ownership or private ownership.
Kim Darga
1:58:15
Okay.
1:58:16
Wait.
1:58:16
How many properties were transferred?
1:58:19
Say that one more time.
1:58:20
To what type?
1:58:21
To to tenants.
1:58:23
Okay.
Pierina Ana Sanchez
1:58:24
Tenants, c l t Uh-huh.
1:58:26
Nonprofit?
1:58:28
Profit or private.
1:58:29
So
Kim Darga
1:58:35
I have for properties that petition to become cooperative over the first ten rounds, 73 properties petitioned, of which 47 converted, 13 remain rentals, 10 buildings are pending conversion because they are in construction or conversion process.
1:59:00
Sorry.
1:59:00
13 buildings are pending conversion.
1:59:05
And then you asked about so there were over 520 properties total.
1:59:10
I don't have the exact mix of how many went to nonprofit versus for profit entities, And there the last round of TBT started in 2015, so nearly a decade ago.
1:59:28
And at that point in time, right, that's the point of time where we issue an RFQ is around the point we start.
1:59:35
That point in time, there were, I think, only 1 or 2 active CLTs in New York City.
1:59:40
So they have not really been involved in the program.
1:59:43
Got it.
1:59:44
And the
Pierina Ana Sanchez
1:59:44
numbers that you just gave me all were for round 10?
Kim Darga
1:59:48
No.
1:59:48
That's in total.
Pierina Ana Sanchez
1:59:51
So 73 had petitioned 40 converted, 10 rentals.
1:59:57
That was that's in the whole life since 1996.
2:00:00
So Yes, ma'am.
2:00:01
Okay.
2:00:02
Can we follow-up and and receive nonprofit versus private?
Kim Darga
2:00:05
I don't know if we have that data going that far back.
2:00:09
We may be able to pull we should be able to pulse data on round 10.
Pierina Ana Sanchez
2:00:14
Okay.
Kim Darga
2:00:15
It would be very manual, but we could probably pull it k.
