Southbridge Towers
Encyclopedia
Southbridge Towers is a limited equity housing cooperative
built under the Mitchell-Lama Housing Program and completed in 1969. The complex is located in Lower Manhattan
in New York City
south of the entrance ramp to the Brooklyn Bridge
and is bound by Pearl Street
, Frankfort Street, Gold Street, and Fulton Street
.
It has 1,651 apartments in four 27 story tower block
s and six low-rise buildings.
It is a classic example of a naturally occurring retirement community
(NORC).
In October 2005, the cooperative's board of directors voted to undertake a study that could cost up to $25,000 to explore privatization of the building complex.
Housing cooperative
A housing cooperative is a legal entity—usually a corporation—that owns real estate, consisting of one or more residential buildings. Each shareholder in the legal entity is granted the right to occupy one housing unit, sometimes subject to an occupancy agreement, which is similar to a lease. ...
built under the Mitchell-Lama Housing Program and completed in 1969. The complex is located in Lower Manhattan
Lower Manhattan
Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York...
in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
south of the entrance ramp to the Brooklyn Bridge
Brooklyn Bridge
The Brooklyn Bridge is one of the oldest suspension bridges in the United States. Completed in 1883, it connects the New York City boroughs of Manhattan and Brooklyn by spanning the East River...
and is bound by Pearl Street
Pearl Street (Manhattan)
Pearl Street is a street in the Lower section of the New York City borough of Manhattan, running northeast from Battery Park to the Brooklyn Bridge, then turning west and terminating at Centre Street...
, Frankfort Street, Gold Street, and Fulton Street
Fulton Street (Manhattan)
Fulton Street is a busy street located in Lower Manhattan. It is in New York City's Financial District, a few blocks north of Wall Street. It runs from Church Street at the site of the World Trade Center to South Street, terminating in front of the South Street Seaport...
.
It has 1,651 apartments in four 27 story tower block
Tower block
A tower block, high-rise, apartment tower, office tower, apartment block, or block of flats, is a tall building or structure used as a residential and/or office building...
s and six low-rise buildings.
It is a classic example of a naturally occurring retirement community
Naturally occurring retirement community
A Naturally occurring retirement community—or a NORC —is a community that was not originally designed for seniors, but that has a large proportion of residents who are older adults...
(NORC).
In October 2005, the cooperative's board of directors voted to undertake a study that could cost up to $25,000 to explore privatization of the building complex.