Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2012 Co-op City Times
Vol. 47 No. 27
Saturday, July 7, 2012
R oc ket’s Red Glare!
Board plans July 18 vote on HUD loan deal; Shareholders invited to ask questions at board meeting BY JIM ROBERTS The Riverbay Board of Directors plans to hold an historic vote on July 18 to approve a resolution authorizing a $600 million mortgage refinancing designed to ensure the financial stability of Co-op City for decades to come. At the scheduled open board meeting, the Directors will discuss the terms of the refinancing deal under consideration and ask questions to representatives of Wells Fargo bank and any other officials in attendance from the federal Housing and Urban Development Department (HUD) and city and state agencies. According to Board President Helen Atkins, a time period will be reserved
Hundreds of Co-op City residents enjoyed the Riverbay Fund’s annual fireworks display on July 3rd from lawn chairs placed on Section 2 Greenway while hundreds more took in the colorful show from the cool comfort of their homes and balconies. Before the beautiful explosions began, the community’s youth sports organizations sold food and drink to raise funds for their activities. Photo by Ralph Henriquez
Geese control spraying rescheduled R iver b a y h a s p ost p on ed sp r a yin g for geese con t r ol a ft er m eet in g wit h t h e New Yor k St a t e Dep a r t m en t of E nvir on m en t a l C on ser va t ion t h is week a n d id en t ifyin g a n a lt er n a t ive p r od u ct wh ich will b e u sed t o con t r ol t h e geese. Tr a in in g will occu r in t h e u p com in g week a n d it is exp ect ed t h a t t h e p r ogr a m will r esu m e in a b ou t t wo week s. Sp r a yin g will b e d on e in t h e la t e a ft er n oon or ea r ly even in g.
Co-op City move-ins are more than double the number of move-outs for June BY JIM ROBERTS Apartment sales figures in Co-op City show that the summer selling season is off to a very strong start. For the month of June 2012 there were 89 move-ins (nine transfers included in the 89) and 38 move outs, meaning that twice as many residents moved in compared to those who moved out during the month. Overall, the number of vacant, unassigned units in Co-op City has fallen dramatically over the past year and continues to stay at a very low level. According to June 30, 2012 figures from the Riverbay Sales Department, there are currently only 22 units in the 15,372 unit community that are now on
the market but aren’t in the process of being bought or viewed by potential new residents. Of the 286 vacant units now in Co-op City, 24 of them are awaiting final approval from the state Housing and Community Renewal (HCR) department before the new owners can move in. Another 63 applicants are pending and are being contacted by Riverbay sales staff to schedule closing dates. Fifteen new applicant packages are being prepared for submission to HCR and another 33 have scheduled a date to view their new apartments. In addition, 120 applicants are in the process of setting (Continued on page 4)
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during the Board meeting at the Dreiser Center Auditorium for shareholders in attendance to ask questions regarding the proposed mortgage. The Board will then vote that evening on whether or not to accept the refinancing loan, which will be made with Wells Fargo and guaranteed by HUD. If the Board approves the loan, officials from Riverbay will then have nearly 60 days to finalize the deal and close the loan prior to Sept. 15 of this year. Co-op City’s existing mortgage with New York Community Bank includes a window of opportunity to refinance with another (Continued on page 2)
Street lights to be added to Bellamy Loop intersection BY BILL STUTTIG The City’s Department of Transportation agreed to add street lights to the intersection of Bellamy Loop and Co-op City Blvd to help alleviate the troubling dark spots on those corners. Later this year, street lights will be added to both the north and south portions of the loop where it intersections with Co-op City Blvd. Bronx Transportation Commissioner Constance Moran formally informed Community Board 10 of the forthcoming additional lighting in a letter sent to the Board’s District Manager, Ken Kearns, dated June 21st. Referring to an e-mailed request made by Kearns on April 11th of this year at the behest of Riverbay
Corporation, Moran responded, “A recent survey revealed the need for additional lighting at this location. I am pleased to report that the Division of Street Lighting will install two new street lights at this location during the fourth quarter of 2012.” Kearns said this week, “We are very grateful to Commissioner Moran and the Department of Transportation for their quick response to this request in conducting the necessary study and determining that this area of Bellamy Loop is in need of enhanced lighting.” At a meeting with representatives of various city agencies held by Riverbay on (Continued on page 2)
Traffic pattern’s changed…While workers from the city’s Department of Transportation continue to work on the new pedestrian island near the intersection of Bartow and Baychester avenues, the traffic pattern has already been changed due to the recent creation of two separate left hand turning lanes on what once was an unused, blocked off road bed. Traffic coming off the I-95 exit, or leaving Bay Plaza that wants to head west on Bartow Avenue must now stay to the extreme left on Baychester Avenue while traffic heading to Co-op City either via Baychester or Bartow Avenue or points north or east must stay in the two right hand lanes. When work is completed in the very near future, the hope is for much less congestion and confusion at the chronically busy intersection. Photo by Bill Stuttig