Co-op City Times 03/15/14

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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. 11

Saturday, March 15, 2014

City to install Accessible Pedestrian Signals at 2 Co-op City intersections The city’s Department of Transportation (DOT) will install Accessible Pedestrian Signals (APS) at two of Co-op City’s busiest intersections, thanks to the efforts of Co-op City resident Frank Senior and the Pedestrians for Accessible and Safe Street (PASS) Coalition. The APS device, which is mounted on a pole near a crosswalk, communicates information to pedestrians about the “Walk” and “Don’t Walk” intervals at intersections with traffic lights in a nonvisual format, for example, audible tones, verbal messages and vibrating surfaces for pedestrians who are blind or have low vision, and who have hearing loss. In Co-op City, the device will be installed at the intersections of Co-op City Boulevard and Bartow Avenue, and Coop City Boulevard at Carver Loop. “I suggested these two intersections because they both lead to the main shopping areas, especially the one at Bartow BY ROZAAN BOONE

Avenue,” said Mr. Senior, a resident of Building 6 who has been blind since birth. “This should have been done ten years ago, but I finally got fed up of going to these places and wondering if I will make it across the street, fed up of waiting for others to come along to help and stressing about it all. There’s no need to stress, the technology is available and it should be on every block of the city.” According to Alan Borock, head of signaling at the NYC Department of Transportation, an evaluation has already been completed, the designs are being prepared and the APS devices will be installed “within three to five months,” PASS reported. Mr. Senior, an accomplished jazz musician who is featured in the multiaward winning documentary Sound of Vision which aired on PBS last March, said that he reached out to a friend from (Continued on page 4)

Public Safety seeking to expand use of “Are You Okay” program Riverbay’s Public Safety Department is reaching out to additional Co-op City seniors and homebound who they feel will benefit from participating in the community’s “Are You Okay,” program which provides free daily phone calls to the community’s senior and homebound population to check on their whereabouts and wellbeing. Lt. Jeffrey Bowman, who oversees the application of the “Are You Okay” program in Co-op City, said this week that roughly 30 seniors take advantage of the daily service offered to them and with this recent upgrade, the hope is that many more will take advantage of the helpful service. “This program has been serving seniors of our community since the mid 1980’s,” said Lt. Bowman. “Co-op City was one of the first communities anywhere to incorporate this innovative computer calling program into its daily routine and, over the years, it has saved several lives. The program provides a way to check on the well being of senior citizens and homebound individuals who might require assistance, or who may face medical emergencies alone at their home. It brings a feeling of comfort and security to subscribers knowing that they will receive help if a problem occurs.” Bowman explained that seniors, homebound or disabled who sign up for BY BILL STUTTIG

the program receive a daily call in their home at a time of their choosing, any time between 5 a.m. and 9 a.m. If the program subscriber answers the automated call, they will be automatically checked off as being okay for that day. If no one answers the call, another call is placed a short time later and if no one answers again, then the Public Safety dispatcher is automatically notified of the missed call and the subscriber’s file will pop up on the dispatcher’s screen. That file will include the subscriber’s emergency contact information which can include the phone numbers of close family members or friends or neighbors, doctors or clergy. Phone calls are placed in the order that the names are listed. Bowman said that many times the family member or friend is aware of an appointment or trip that the subscriber might have made that day and informs the dispatcher that everything is okay. If that is not the case, that family member or friend might be given the option of checking on their loved one or if they are unable to, Public Safety will send officers to the home to check on the subscriber’s condition. Each subscriber of the program is asked to leave a key with a trusted neighbor in case of this eventuality, but if no key is left, sometimes an emergency entrance will have to be carried out. (Continued on page 2)

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Occupancy rate remains near 99% in Co-op City The number of vacant apartments in Co-op City has fallen again over the past four months, declining to 223 vacant units, compared to 240 units last October, and almost all of those empty apartments are at various stages of the purchasing process by new shareholders. With a total of 15,372 apartments in Co-op City, the occupancy rate is now close to 99%, indicating that the strong demand from new cooperators who want to move to the community continues. Last July, there were 289 vacant apartments, according to figures from the Riverbay Sales Department. Of the current 223 vacant units, 45 of them are awaiting closings with the new shareholders. Closing dates have been scheduled in 39 of those units, two of them are awaiting approvals by Citibank, and four applicants are being BY JIM ROBERTS

contacted by sales agents to schedule closing dates. In 15 other cases, applicants have made appointments to see units, while 20 application packages from new potential shareholders are being prepared for submission to the state Housing and Community Renewal (HCR) agency for processing. Seventy-six other applicants have been offered apartments and will now have to respond to the offer. One apartment has been offered to a transfer applicant and they now have to respond. More than 60 of the other vacant apartments are in the pipeline with HCR. Of that total, 34 applications are pending HCR approval and another 29 cannot be sent to HCR as yet because there are already the maximum of 175

NOTICE to Shareholders: 1098 Explanation

Riverbay Corporation pays the mortgage, and the interest of that mortgage is allocated to all shareholders based on the size of their apartment. For calendar year 2012, the mortgage interest was $45,626,610, which, spread out over the entire complex of 72,666 rooms, equals $627.90 per room. The 2013 mortgage interest was $14,282,480, divided by the total number of rooms in the complex, 72,666 rooms, equals $196.55 per room. The drastic reduction in mortgage interest is due to the excellent achievements of Management in refinancing the mortgage at a very low

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2.4% interest rate HUD guarantee mortgage. Previously, in 2012, that was the NYCB mortgage at a 5.7% interest rate, along with prepayment penalties and other fees which were incurred when that loan was paid off. Although shareholders are not receiving the high benefit of a large mortgage interest deduction for tax purposes, they are benefitting by carrying charges that were maintained at a very low level because of the HUD guaranteed mortgage, and without which, there would likely have been a much larger carrying charge increase. —Riverbay Finance Department

Management Forum on Monday to update community on ongoing and new initiatives On Monday, March 17, Riverbay’s management will hold a forum in the Dreiser Auditorium to update the community’s shareholders, and commercial and professional tenants on a number of ongoing initiatives. “We constantly strive to keep cooperators informed of any new initiatives and to give you updates on any number of issues that impact the residents of this community,” said Riverbay’s General Manager Vernon Cooper. “We have found that, in addi-

tion to the weekly management report published in the paper, a good way of doing this is to hold forums, which enable us to reach a large group of residents at one time, while being able to show and demonstrate some of these initiatives where feasible and to allow residents to voice their opinions and give us feedback.” Prior to the beginning of the forum at 7 p.m., cooperators will be able to (Continued on page 2)


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