Co-op City Times 07/02/11

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Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2011 Co-op City Times

Vol. 46 No. 27

Saturday, July 2, 2011

All 172 recently completed balconies expected to be reopened by today BY BILL STUTTIG The 172 balconies that were approved to be reopened last week by the city’s Department of Buildings (DOB) are expected to be reopened by today, July 2nd. According to the Cooperator Services Office in Dreiser Center, as of Thursday afternoon, 101 of the balconies had already been reopened by Riverbay’s maintenance workers upon the request of the shareholders occupying those homes. In the case of the remaining balconies, most were found to be sealed from the outside. Technicians All 172 balconies cleared for re-opening by city’s from Proto Construction, the con- DOB to be re-opened by today. tractor performing the balcony Photo by Bill Stuttig restoration work, have been assigned to open pletion of Local Law 11 work, are expectup all the approved balconies that were ed to be reopened by the end of the year, sealed from the exterior and it is expected management announced at the forum. that those balconies will be reopened by The uncompleted Co-op City balconies today. were ordered closed by the DOB in May of On June 23rd, the city’s DOB rescinded 2010, approximately two months after a its vacate orders for 172 recently restored man fell to his death in midtown balconies in Co-op City. Specifically, those Manhattan due to an alleged faulty balwere the D line balconies in Buildings 1, 2, cony. Several housing developments in and 3 and the G line balconies in Building New York City with pending ongoing bal5A and C – 8 lines in total. cony repairs as required by Local Law 11 It was stated at a management forum on were then ordered to shut those balconies Tuesday evening that Riverbay anticipates until the repairs were completed and that an additional 14 lines of balconies approved. (approximately 300 more balconies) will When the vacate order were handed be completed by the end of July and down in May of 2010, 28 of Co-op City’s approved to be reopened by the city’s 35 buildings had already had their balDOB by mid-August. conies fully restored as part of the capital All of the approximate 1000 balconies improvements programs launched by ordered closed last year, pending the com- Riverbay in 2005.

25¢

Wells Fargo gives shareholders details of possible HUD refinancing BY BILL STUTTIG Two representatives of Wells Fargo Bank this week provided the shareholders attending a management forum with the details of a possible low interest refinancing loan guarantee with HUD (United States Department of Housing and Urban Development) in the next 15 months. At the management forum on Tuesday evening in Dreiser Center, attended by approximately 150 shareholders, Matt Weiner and Paula Levine of Wells Fargo bank took questions and provided answers which indicated that a 4.5% interest loan guaranteed by HUD is currently being negotiated and could be closed on within a year if all goes as hoped. The negotiations with HUD continues even as Riverbay closed on a 15-year, 5.75%, $555 million loan with New York Community Bank (NYCB) on June 15th which has allowed Riverbay in recent weeks to accelerate capital improvement projects, such as window replacement.

As Levine and Weiner explained, along with Herb Freedman and Vernon Cooper of Riverbay management, even though the new NYCB loan was recently closed, written into that loan is a 15month window to allow Riverbay and its representatives to secure a possible alternative loan with HUD which would offer a much lower rate, approximately 4.5% over a much longer term, 35 years, in essence saving the community many millions in interest payments and significantly decreasing the possibility of more significant carrying charge increases into the future. Levine, in addressing the gathering, explained that one significant advantage of the potential HUD loan is that it pays down to zero. “It’s like a regular mortgage on a house,” Levine said. “Once the loan is done and you reach the end of the 35 years, you owe zero. It will give you a lot of flexibility.” As the representatives explained to the (Continued on page 4)

Truman football star killed hours after graduation BY JIM ROBERTS The entire Truman High community is in shock over The star running back of the sudden loss of Muller. this year’s championship “I am very proud of the Truman High football team students’ reaction to what is was stabbed and killed durclearly a devastating tragedy ing a fight with parking in the loss of Isayah Muller,” attendants at a Jerome said Truman High School Avenue garage just hours Principal Sana Nasser. “We after celebrating his graduaare all mourning the loss of tion. this outstanding young man, Joy turned to tragedy and our hearts are with his when Isayah Muller of 228 family during such a difficult East 115th, the Jefferson Isayah Muller Houses, in Manhattan, died on Tuesday, time. Our students are very important to us, June 28 after being stabbed in a dispute at and we are all working together as a famithe M.T. Jerome Town Corp. Parking Lot ly to support each other with this loss.” Muller’s teammates from the Mustangs at 2801 Jerome Ave. following Truman High’s commencement ceremonies at (Continued on page 2) Lehman College. Muller was 19 years old.

R iver b a y’s I n d ep en d en ce Da y closin gs

Building 2 Fire … Firefighters struggle with flames and smoke billowing out of a window of an 8th floor apartment in Building 2B early last Friday evening, June 24th. The fire, whose cause is unknown, severely damaged that apartment and caused residual water and smoke damage to several adjacent apartments. One man living in an apartment several floors above was taken to Einstein Hospital for treatment. The fire knocked out elevator service to two cars. Service to one car was restored by the next morning and the second car was returned to service on Monday. Photo by Ralph Henriquez

The Co-op City Times office and all other Riverbay administrative offices, as well as the three community centers will be closed on Monday, July 4 in observance of Independence Day, July 4, 2011. For maintenance emergencies, please call (718) 320-3300, and follow the prompts to contact your respective CSO maintenance personnel. (Please see page 5 for the Co-op City Times deadline notice for the upcoming week.) We wish the Co-op City community and safe and enjoyable July 4th holiday weekend.


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