Although the buildings were erected in 1955, Florian Gardens did not become a tenant-owned property until May 1989. As the property is nearing its 30th year as a co-op, the estate which sold for $550,000 is now worth millions.
To convert or not to convert. For several months, the board of directors has been discussing with management the feasibility of converting FGC from a low-equity to a market-rate co-op. Purportedly, the primary benefit of a conversion would be the equity return. While the profit from selling a unit under market-rate would far exceed the return residents now receive when they vacate, the possibility of suddenly incurring a monthly carrying charge that is significantly higher than what is currently being paid to achieve that result is unappealing to many members. Residents who were with FGC from the beginning will tell you that the purpose of purchasing and converting the Florian Gardens complex was to preserve affordable housing for themselves and other District residents.
At a special meeting on Tuesday, October 11, 2016, members got the opportunity to weigh in on the discussion. Although there was less than 100 percent representation by the membership, the turnout was impressive.