Cooperative Village
Lower East Side of Manhattan, New York City
Cooperative Village is located on the lower east side of Manhattan in New York City, a cluster of housing cooperatives. Near Grand Avenue, the cooperatives are situated south of the Williamsburg Bridge entrance ramp and west of FDR Parkway. Combined, there are 4,500 units in twelve buildings in the four cooperativities.
Labor unions, the United Housing Foundation, a development agency founded by the Unions in 1951, supported, coordinated, developed and organized the cooperatives. The Amalgamated Clothing Workers from America and the International Ladies’ Garment Workers’ Union.
With one vote per Member, Cooperatives were strictly regulated by Rochdale Rules, regardless of the nominal value of their share. The reselling of the shares was limited; members who were going outside had to sell their shares to the cooperative at the purchase price, without a fee. After phasing out of the apartment financing systems in the beginning of 1986, each cooperative shareholder voted to abandon the restricted equity rules and to free resale of shares by separate votes in 1997 and 2000, some of which were to raise the value of apartments five-fold.
The Lower East Side has undergone a resurgence in recent years, with rising housing demand fueling new building and renovation projects. The humble neighborhood of Manhattan has gained too much coverage not since the turn of the century, when the city was full of immigrants. For the conventional discount retail stores and casher bakeries new companies and trendy restaurants have opened side-by – side. The Lower East Side is an enticing and desirable destination for young families and individual professionals looking for quality and value.
This area is the spoken word of town, accessible, pleasant and conveniently situated for parks, shopping, and transport. In New York, no member of a family can live in an atmosphere and culture that continues to foster development more fairly and securely. See what this whole rush is.
