NYC Comptroller Thompson Letter to Assemblymember Kellner Concerning Issues Facing Eastwood Tenants

Eastwood Image from NYC-Architecture

This earlier post described criticism of investments made by the NYC and State Comptrollers of City and State public employee retirement funds in private equity groups that purchase former Mitchell-Lama developments, such as that of Roosevelt Island's Eastwood building by Urban America, eventually making them unaffordable to those same workers who are residents of these apartment buildings. According to article in City Limits:

Affordable housing advocates are asking city Comptroller William Thompson – whose office manages the city's retirement fund – to review the investment by the New York City Employees’ Retirement System in the purchase of the developments. They seek a similar review from state Comptroller Thomas DiNaopli, who is the sole trustee for the New York State and Local Retirement system.

State Assemblyman Micah Kellner, a Democrat whose Upper East Side district includes one of the purchased properties, criticized the investment of retirement funds for city and state employees in “private equity groups that purchase former Mitchell-Lama developments and make them unaffordable to those same workers.”

Below is letter from Comptroller Thompson responding to Assembly Member Kellner's concerns that outlines the results of a recent meeting between the Comptroller's Staff and Urban America. According to Comptroller Thompson, Urban America agreed to take steps to meet with tenants, address their complaints and resolve senior citizen, section 8 and disability subsidy issues. It should be noted that representatives of Urban America participated in the recent Eastwood Town Hall meeting hosted by State Senator Jose Serrano last , February 7.

According to NYC-Architecture, Roosevelt Island's Eastwood building is on their 30 buildings under 30 years of age watch list of future buildings to be landmarked as is the Roosevelt Island Tram Station. Since Eastwood was built in 1976 the list was obviously put together prior to 2006.


If anyone is having trouble scrolling through the letter, click on this link for full copy.