Co-op City Times 07/30/11

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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. 31

Saturday, July 30, 2011

State HCR taking comments from shareholders on proposed 1% carrying charge increase until September 6 BY ROZAAN BOONE Shareholders have until Tuesday, September 6, 2011, to send written comments to the New York State Homes and Community Renewal (HCR) about the proposed 1% carrying charge increase slated for implementation on October 1, 2011, to be followed by another 1% increase on June 1, 2012. In addition, HCR has also scheduled a conference to be held on Thursday, September 8, at 7 p.m. in the Dreiser Auditorium, so that shareholders and representatives of the housing company may meet with HCR staff to discuss the proposed carry charge increase and budget for the Riverbay Corporation. The rent conference follows Riverbay’s application for an increase in the maximum average monthly room carrying charges. The application asks for a 1% increase effective October 1, 2011, to be

followed by another 1% increase on June 1, 2012. Presently, the average carrying charge in Co-op City is $192.22 per room, and the proposed 1% increase would raise this figure by $1.92 to an average $194.14 per room in apartments as of October 1, 2011, and $196.08 upon the next 1% increase on June 1, 2012. Co-op City’s shareholders can submit written statements to comment on figures contained in the Riverbay application for a carrying charge increase. The audited Financial Reports of Riverbay Corporation was published in the December 4, 2010 issue of the Co-op City Times and they are also available for inspection by cooperators or their representatives at their respective CSO office or at the Riverbay administrative offices, (Continued on page 2)

Einstein and Dreiser post offices could be closed BY JIM ROBERTS The post offices in the Einstein and Dreiser centers face possible closure after winding up on a list of nearly 3,700 locations the federal United States Postal Service is studying for elimination. If the two heavily-used Co-op City post office branches closed, residents would have to travel to the post office on Conner Street to use a full-service postal facility. “Today, more than 35 percent of the Postal Service’s retail revenue comes from expanded access locations such as grocery stores, drug stores, office supply stores, retail chains, self-service kiosks, ATMs and usps.com, open 24/7,” said Postmaster

A spring sales push that started with the opening of two model apartments in April is at least partially responsible for a significant reduction in the community’s inventory of vacant unassigned apartments. In February of this year at the time when Riverbay hired its new Sales Director Sheena McNeill, the community had a reported 167 vacant unassigned apartments. As of July 26th, that number was down to just 44 with two of those apartments being the model apartments in use as part of the sales initiative and another five currently off the market due to needed repairs. That brings the total to just 37 unassigned available apartments currently on the market as of earlier this week.

STATE OF NEW YORK DI VI SI ON O F HO USI NG AND C OM M UNI T Y R E NE WAL In The Matter of the Application of RIVERBAY CORPORATION NOTICE for an increase in the maximum average monthly room carrying charges pursuant to the provisions of the Private Housing Finance Law as amended. TO ALL COOPERATORS OF CO-OP CITY: PLEASE TAKE NOTICE that the annexed application has been submitted to the Commissioner of NYS Homes and Community Renewal for an order to increase the maximum average monthly room carrying charge, including utilities, as follows: P r esen t Aver a ge C a r r yin g C ha r ge $192.22

E ffect ive 10/1/2011 I n cr ea se C a r r ying C h a r ge $1.92 $194.14

E ffect ive 6/1/2012 Incr ea se Ca r r ying Cha r ge $1.94 $196.08

PLEASE TAKE FURTHER NOTICE, that by direction of the Commissioner of NYS Homes and Community Renewal, you may comment in writing on the proposed carrying charge increase. An opportunity to submit written statements is afforded so that cooperators may comment on the allegations and figures contained in the application. The Commissioner may fix carrying charges, appliance and parking charges so as to secure, together with all other income of the corporation, sufficient income for it to meet, within reasonable limits, all necessary payments to be made by the corporation. The financial reports of Riverbay Corporation are available for inspection by cooperators at: R iver ba y C or p or a t ion Adm in ist r a t ive O ffices 2049 Ba r t ow Aven u e Br on x, New Yor k 10475 Comments in writing on the proposed increase may be served by mail to Ricardo Cabodevilla, New York State Homes and Community Renewal, the Housing Management Bureau, 25 Beaver Street, New York, N. Y. 10004 on or before September 6, 2011. A Conference has been scheduled for September 8, 2011 at 7:00 p.m. at Co-op City (Riverbay Corporation) at which cooperators and representatives of the housing corporation may meet with DHCR staff to discuss the proposed carrying charge increase and budget for Riverbay Corporation.

The US Postal Service branches in the Dreiser (above) and Einstein centers are on a list of offices that could be closed by the Post Office. A study is now underway of nearly 3,700 post offices across the US, including 17 in the Bronx. Photo by Jim Roberts (Continued on page 4)

Co-op City nearly sold out; unassigned units reduced from 167 in February to 44 today BY BILL STUTTIG

25¢

The Riverbay Board of Directors was informed of this news in a memo sent to them by Herb Freedman of Co-op City’s managing agent, Marion Scott Real Estate Inc. Freedman informed the Board that while there is currently a total of 305 vacant units throughout the development, 261 of them have been assigned to future shareholders. 70 of those assigned units are currently are awaiting final closing; 65 of those units are waiting DHCR approval of the sale and 119 have been shown to a prospective buyer with the sales process moving forward. . The 44 unassigned apartments, with only 37 available for sale, represent a (Continued on page 3)

Yours truly, Jeffrey Buss Smith, Buss & Jacobs, LLP General Counsel

See DHCR Notifications and Financial Summaries on pages 11 & 12 Message from Management: Air conditioning problems caused by excessive heat As you well know, the entire Northeast region of the nation experienced recordbreaking excessive heat late last week with temperatures well over 100 degrees for consecutive days throughout the tri-state region. This rare and excessive heat caused our main compressor to overheat and trip off line; this in turn resulted in low air pressure and the loss of our high pressure boiler and then one of the chillers. As a result, we were not able to send out chilled water as cool as normally, which is approximately 45 degrees. Rather the chilled water left the power plant at 54 degrees. The fact that we had record heat of more than 100 degrees for several straight days, also meant that it was extremely difficult to take the heat out the buildings.

Even when the chilled water was cool enough to provide relief, it took longer than normal to bring down the temperature in the apartments. On Saturday, we experienced isolated problems in several buildings that required the power plant to make repairs to equipment such as the dual pump system, located within each specific building. Each of these problems was directly related to the excessive hot weather reaching levels far beyond what we have experienced in many years. We have hence been able to bring the chilled water back down to around 46 degrees and we are adequately providing cool air throughout the development. (Continued on page 2)

See page 6 for important notice on hall closets.


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