Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2013 Co-op City Times
Vol. 48 No. 41
Saturday, October 12, 2013
Number of vacant apartments drops again in October Demand for apartments in Co-op City continues strong throughout 2013, and the number of vacant units has dropped again this month with potential buyers assigned to all the available units. There are 240 vacant units out of the total of 15,372 apartments in Co-op City as of Oct. 7, according to figures from the Riverbay Sales Department, as the occupancy rate continues to be above 98%. Three months ago on July 15, there were 289 vacant apartments. Of the current 240 vacant units, 54 of them are awaiting closings with the new shareholders. Closing dates have been scheduled in 47 of those units, two of them are awaiting approvals by Citibank, and five applicants are being contacted by sales agents to schedule closing dates.
BY JIM ROBERTS
In 24 other cases, applicants have made appointments to see units, while 20 application packages from new potential shareholders are being prepared to submit to the state Housing and Community Renewal agency (HCR) for processing. Ninety other applicants have been offered apartments and will now have to respond to the offer. Another 12 apartments were offered to transfer applicants and they now have to respond. Nearly forty of the other vacant apartments are in the pipeline with HCR. Of that total, twenty-one applications are pending HCR approval and another 17 cannot be sent to HCR as yet because there are already the maximum of 175 applications now being processed with the state, according to Riverbay.
Riverbay’s energy reduction program in garages cited as model
Finding cost-effective ways to reduce expenses at Riverbay while maintaining services for Co-op City residents has produced results for shareholders in several projects during the past few years. By implementing programs that use energy more efficiently, Riverbay has been able to hold down spending in the face of increasing costs. And working with financial professionals to save money paying for those programs has also saved money for shareholders. One of these initiatives was featured in the October, 2013 issue of Habitat Magazine, one of several articles that have
so far highlighted the steps taken by Riverbay to accomplish this cost-saving venture for the shareholders of Co-op City. The Habitat feature cites the nearly $3 million project that Riverbay contracted with Green Energy Management Services Holdings, Inc. (GEM), a Teaneck, N.J. based company, to retrofit and maintain 4,928 garage lights, 395 exterior lights, 496 elevator and stairwell lights and 279 exit signs in the community’s eight parking garages. The 10-year GEM contract will provide
Riverbay open for business on Monday, Columbus Day
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Riverbay Corporation, including the administrative offices, will be open for business on Columbus Day, Monday, October 14. The Co-op City Times deadlines remain in effect. All club articles are due by 3 p.m., and Directors’ viewpoints are due by 5 p.m. on Monday, October 14. We wish everyone an enjoyable Columbus Day holiday weekend.
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Co-op City residents urged to sign letters of support for MTA accountability bill Co-op City residents are being asked to help urge Governor Andrew Cuomo to sign into law a bill passed earlier by both houses of the New York State Legislature requiring the MTA to report to the Legislature and the Governor regarding the status of previously cut services and all current ongoing efforts to restore those services. Since Co-op City is arguably the New York City community most adversely affected by the transportation cuts enacted by the MTA in 2010 due to a stated budget shortfall, residents here are again being asked by the Transport Workers Union Local 100 (TWU) to get behind efforts to pressure the MTA to restore most, if not all, of those services by petitioning the Governor to sign the bill in the near future. The passage of the MTA accountability bill by the state Legislature is one of several significant victories won by service restoration proponents over the past few months and all that remains for the bill to become law is to have the Governor sign
BY BILL STUTTIG
it. According to State Assemblyman Mike Benedetto, though the bill has been passed by both branches of the state Legislature, it has not yet been sent to the Governor for his signature. Benedetto said that will likely happen some time in the near future. But before that happens, the TWU is requesting that Co-op City residents and businesses help by signing a prepared letter supporting the bill and then sending it to the Governor’s office. Copies of the prepared letter of support are being made available to residents here through each of the three Cooperator Services Offices and at the central administration offices in Bartow Community Center. In addition, the letter of support has been reprinted in this week’s edition of the Co-op City Times on page 6. Shareholders can cut out the letter, sign it and mail it to the Governor at the address given at the top of the letter of support. The MTA accountability bill, should it be signed into law by the Governor, will (Continued on page 2)
See Letter of Support to Governor Andrew Cuomo on page 6. Please sign and mail it to the Governor by Wednesday, October 16.
Board approves modification of down payment of deferred equity option BY ROZAAN BOONE The Riverbay Board has approved a broader down payment scale for shareholders taking advantage of the deferred payment plan option offered to new and transferring shareholders in Co-op City. By a vote of 9-3, with one abstention and two absent, the Board approved modifying the original resolution (11-36) which was passed in April, 2011 to include giving Riverbay Corporation the flexibility to adjust the down payment from time to time within a range from 25% to 50% based on the demand for apartments. The original down payment was 25% of the cost of the new apartment. According to Resolution 13-80 which was voted on at the Board meeting on Wednesday night, October 9, since lending institutions continue to no longer be a viable source of equity loans for new shareholders, and since Riverbay Corporation has experienced an increasingly strong demand for its apartments
over the past few years, inceasing the required down payment would not only increase the new shareholders’ vested interest in making their monthly payments, but also increase cash flow for the housing company. Resolution 13-80 was submitted by Director Evelyn Turner and seconded by Director Francine Reva Jones. In addition to Director Turner, the other Directors who voted to approve modifying the required down payment depending on the availability of apartments were Directors Helen Atkins and Eleanor Bailey, Board President Bill Gordon, Directors Tony Illis, Othelia Jones, Rev. Calvin E. Owens, Leslie Peterson and Khalil AbdulWahhab. Directors Bernard Cylich, Leah Graham and Daryl Johnson voted no and Director Francine Reva Jones abstained. Directors Andrea Leslie and Al Shapiro were absent. (Continued on page 2)