This Land Isn’t Your Land
Doug Heller was quoted in Habitat Magazine as representing the co-op board at 101 West 23rd Street in a land-lease transaction deal with E&M Associates. The board reached a deal with E&M where the shareholders were given the opportunity to sell at a fixed price per share, but in order for the deal to go through, at least 81 percent of shareholders had to agree to sell. “We made it clear every unit was getting an individual contract and that the decision to sell was entirely their own,” said Heller. In the end, 87 percent of the shares were sold.