Lindsay Park is a housing cooperative located in the East Williamsburg neighborhood of Brooklyn in New York City.
The cooperative is part of the Mitchell-Lama Housing Program, through which the state of New York grants it tax exemptions to maintain affordability.
Upon its completion, the co-op was saddled with $42 million in debt after its developer, Stanley J. Harte, failed to pay the property's mortgage.
As interest accumulated on the debt, it ballooned to $105 million in 2003, which led the New York City's Department of Housing Preservation and Development to renegotiate the mortgage at a lower rate.
[5] In 2015, the Brooklyn District Attorney's office opened an investigation into "mistreated money" by the co-op's managing board.