Offering Plan — Original Scan

The Offering Plan is the official document through which the City of New York, acting through the Department of Housing Preservation and Development (HPD), sold 487-89 Amsterdam Avenue to its present tenants and established it as an HDFC cooperative. It sets out the complete terms of that conversion — from how shares were priced and allocated, to how the cooperative corporation would be governed going forward.

This document covers:

• Terms of Sale — The building was sold for a total price equal to $250 times the number of apartments, with each tenant purchasing 250 shares at $1 per share for a total of $250 per apartment
• The Co-op Corporation — How 487-89 Amsterdam Avenue Housing Development Fund Corporation was formed under Article XI of the Private Housing Finance Law to own and operate the building for low-income residents
• Shareholder Rights — How tenants of record were given the exclusive right to purchase their shares, the 90-day offering period, and the 60% participation threshold required to make the plan effective
• Governance — How the Board of Directors is elected, how By-Laws govern the corporation, and how shareholders vote
• Maintenance Charges — How monthly charges were calculated based on operating costs for the first year after sale
• Income Restrictions — The low-income requirements under Section 576(1)(b) of the Private Housing Finance Law that govern who may purchase shares in the building