Co-op City Times 02/22/14

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Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2014 Co-op City Times

Vol. 49 No. 8

Replacement of Building 20A elevator to begin March 3rd BY BILL STUTTIG

Work on the replacement of the machinery which controls elevator 2 in Building 20A is scheduled to begin March 3rd and continue for approximately four weeks. This will leave that building with only one working elevator during the approximately monthlong replacement period. The work is being performed by Thyssen Krupp Elevator (TKE), which issued a 25-year warranty on the modernized machines that were installed 10 years ago. The work consists of replacing the machine that operates the elevator with a larger model, and is intended to reduce or eliminate the problems

with this elevator. The work will also include replacing the shaft’s elevator cable system and installing a new modernized braking system in keeping with changes in New York City code pertaining to newly installed elevators. Residents of Building 20A have been notified that their building will be served by only one car through the entire month of March, beginning March 3rd. As a result, a series of new work rules are being put into effect beginning March 3rd to allow the one operating elevator to serve the building as efficiently as possible and minimize (Continued on page 2)

NYPD heightens warning to Co-op City residents about Money Grams and Green Dot MoneyPak scams BY ROZAAN BOONE

The 45th Precinct’s Crime Prevention and Community Affairs Units again this week requested assistance in reaching Co-op City residents, and especially seniors, to warn them to be vigilant and avoid becoming victims of scammers using Money Grams and Green Dot MoneyPak cards.

According to the officers, while Money Grams and Green Dot MoneyPak cards are legitimate products, scammers are using them to steal money from their intended victims. The scammers utilize a variety of schemes with some of the most common being the utility company and (Continued on page 3)

MTA bus service changes to begin taking effect in the spring BY BILL STUTTIG

The arrival of spring a month from now will bring more than just the end of this historically cold and snowy winter; it will mark the beginning of the promised MTA bus service enhancements which the community has waited for far longer than warmer weather. A three-and-a-half year battle to have the MTA restore some, if not all, of the bus service it cut from Co-op City in its 2010 budget cuts, seemingly ended last month as the MTA announced a series of service enhancements in the wake of the completion of a study of the area’s bus service. According to a timetable posted on the MTA website, the first of the changes are scheduled to come this spring and involves the implementation of a series of schedule running time adjustments on all lines serving Co-op City. According to the online postings, this involves scheduling additional weekday trips on the Bx. 12 Select Bus Service, the Bx. 26, the Bx. 28/38, the

Enjoy a breath of spring in Co-op City on YouTube

Saturday, February 22, 2014

Bx. 29, the Bx. 30 and the Q 50. In addition, the postings said, scheduled running times will be adjusted on the express bus service to and from Co-op City — the BxM7 — to improve schedule adherence. To explain the specifics of these coming changes, the MTA Community Relations Office will be distributing new customer information brochures to each household in Co-op City in the coming weeks. Also, according to Riverbay Ombudsman Joe Boiko, the MTA and the Riverbay Community Relations Office are currently working on scheduling a community meeting this spring to explain all the coming changes in detail to the residents. The MTA is also reportedly planning on making a presentation to the Riverbay Board of Directors at an upcoming regular Board meeting. In addition to the enhancement to all (Continued on page 4)

BY JIM ROBERTS

Had enough snow, sleet, ice and freezing cold? Need a reminder of how beautiful Co-op City will look when spring arrives? A YouTube video posted by Wells Fargo Multifamily Capital, the bank that refinanced Co-op City’s mortgage in November, 2012, offers a breath of fresh, warm air and panoramic views of the community for everyone who can’t wait for winter to end. The refinancing with Wells Fargo made it possible to keep carrying charges stable for shareholders and prevented what could have been large increases. The new mortgage also locks in a fixed equivalent interest rate of 2.9% over the next 35 years, saving residents $150 million in interest costs over the next 14 years. “Riverbay’s budgets for the next two years only include a 1% carrying charge increase the first year and no increase in the second year,” said Peter Merola, Riverbay Director of Finance. “Reducing interest charges by $10 million per year through the lower Wells Fargo rate prevented the likelihood of much higher carrying charge increases in each of those years due to higher interest costs we faced under the previous mortgage,” Merola said. Alan Weiner, the head of Wells Fargo Multifamily Capital Group, worked closely with Herbert Freedman, a principal with Marion Scott Real Estate, Inc. and the Riverbay management team to complete the very complex financial package.

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“This was an unprecedented loan and a very unusual endeavor for us on several levels,” Weiner says in the YouTube video. “One was the size – there are over 15,000 units in Co-op City.” Weiner also explains that the task of working with the federal Housing and Urban Development (HUD) agency to change their regulations regarding the guarantee of loans required very complex high level negotiations over several years. Those negotiations were led by Freedman, and opened up HUD’s 223(f) loan guarantee program to co-ops, and not just rental apartments. The deal also required guarantees from New York City and New York State, which Weiner and Freedman were able to secure. “We believe that Co-op City’s ability to take advantage of a low interest rate environment should help us to continue to make the necessary repairs to the infrastructure and needed repairs in Co-op City, which is 45 years old and has enormous needs. We can do it now without relying only on cooperator dollars,” Freedman said when the loan was closed. In the Wells Fargo video, thenRiverbay Board President Helen Atkins explains how the Wells Fargo loan will impact the lives of shareholders for decades to come. “The loan was one of the greatest things that ever happened to our community. It will keep Co-op City affordable for a long time and that was very important to me,” Atkins says. Watch the video on YouTube by typing in “Wells Fargo Co-op City.”

Bartow Avenue construction causing delays - Contractors installing electrical lines near the intersection of Bartow and Baychester Avenues have caused daytime traffic delays at various times this week. The work has been necessitated by the electrical infrastructure of the Macy’s store coming to Bay Plaza later this year. The work is scheduled to be completed by the end of the day today, but drivers are advised to avoid the area until then if they can. Photo by Bill Stuttig


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