History Of Amalagamated Dwellings History Of Amalagamated Dwellings
The Amalgamated Clothing Workers Union (ACW) built Amalgamated Dwellings as a limited-equity housing corporation in 1930 replacing dark, crowded tenements with 236 light, airy apartments built around a beautful, landscaped courtyard with fountain.
Amalgamated Dwellings followed close on the heels of the ACW's first housing Corporation - Amalgamated Housing Corp, Bronx, which opened 2 years earlier.
The ACW, under the leadership of Sidney Hillman and Abraham Kazan, joined forces with other unions to build 3 other limited-equity housing corporations nearby between 1946 and 1960. Collectively, these housing corporations became known as Co-op Village.
Demand for apartments in Co-op Village has always been high and the waiting lists for apartments were very long. As limited equity housing corporations, owners were not able to sell their shares in the corporation to buyers on the open market. Upon leaving the co-op owners sold their shares back to the corporation at no profit. In turn, the corporation sold the shares to the next person on the waiting list - again, at no profit.
Towards the late 1990s the shareholders in all four of the co-ops voted to reorganize and convert from limited-equity to free market. The waiting lists went away and owners were able to sell their shares directly to buyers at market prices.
Today, although prices are no longer artificially capped, co-op Village apartments continue to be in high demand and offer great value at atractive prices.