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Press Release: Rosenthal Subcommittee to Investigate Queens Coop Conversions

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Title

Press Release: Rosenthal Subcommittee to Investigate Queens Coop Conversions

Description

Press release announcing that the Commerce, Consumer, and Monetary Affairs Subcommittee has questioned the conversion of cooperative ownership apartment into condominiums.

Subject

Rosenthal, Benjamin S.
Condominiums--Conversion
Queens (New York, N.Y.)

Creator

United States. Congress. House. Committee on Government Operations. Commerce, Consumer, and Monetary Affairs Subcommittee

Source

Benjamin Rosenthal Collection

Publisher

Queens College Department of Special Collections and Archives (New York, N.Y.)

Date

1982-02-03

Rights

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Format

Image
JPEG
134569 bytes

Language

English

Type

Text

Coverage

Washington (D.C)
Queens (New York, N.Y.)

Text

News from Congressman Ben Rosenthal

FOR IMMEDIATE RELEASE
Wednesday, February 3, 1982

FOR FURTHER INFORMATION CONTACT COMMERCE, CONSUMER AND MONETARY AFFAIRS SUBCOMMITTEE 202-225-4407 OR 212-939-8200

PRESS RELEASE

ROSENTHAL SUBCOMMITTEE TO INVESTIGATE QUEENS COOP CONVERSIONS

Rep. Benjamin S. Rosenthal (D-L Queens) today announced that the House Commerce, Consumer and Monetary Affairs Subcommittee, which he chairs, has initiated a formal inquiry into the proposed conversion to cooperative ownership of a large number of rental apartment buildings in Queens and throughout New York City. The Elmhurst Democrat said that the inquiry would focus on the conversion activities of Aaron Ziegelman, William K. Langfan and 63 Associates, Inc. and the financing of the conversions by European-American Bank and Lincoln Savings Bank.
Congressman Rosenthal said that, "Over the past 18 months the subcommittee has carefully investigated, on a nation-wide basis, the condominium and cooperative conversion phenomenon. The subcommittee's hearings last year into the conversion activities of American Invsco Corporation demonstrated that conversions frequently cause inflated housing prices, decreased availability of credit, the disappearance of rental units and the forced expulsion of people from their homes. Our hearings also demonstrated that the federal government's programs for assuring decent and affordable rental housing are totally inadequate."
The Queens Congressman continued, "Now I find a renewal of conversion activities right here in my home district and generally throughout the New York area. Dozens of buildings in Queens have recently been purchased by a single developer and dozens of others are owned by them throughout New York City. The subcommittee wants to know what this developer intends to do with these properties; whether they will evict people; whether they will improve the buildings they have acquired; and whether they are using scarce credit resources for conversions. We also want to know the details of the loans made to the developers from European-American Bank and Lincoln Savings Bank. I have also asked the City Housing Commissioner for information on possible housing violations on the properties in question."
Rep. Rosenthal concluded, "When the subcommittee has received the information requested, we intend to hold hearings on the subject in New York."
Copies of the letters sent are available from Rep. Rosenthal's office at U.S. Post Office Bldg., 41-65 Main St., Flushing, N.Y.
###

Original Format

Paper
Press release
8.5 x 11 inches (216 x 279 mm)

Citation

United States. Congress. House. Committee on Government Operations. Commerce, Consumer, and Monetary Affairs Subcommittee, “Press Release: Rosenthal Subcommittee to Investigate Queens Coop Conversions,” Queens College Archives and Special Collections, accessed November 24, 2017, http://archives.qc.cuny.edu/queenscollege/items/show/432.