Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2012 Co-op City Times
Vol. 47 No. 48
Saturday, December 1, 2012
As loan closes, HUD approves new Management contract BY BILL STUTTIG Nearly simultaneous with Riverbay closing on the Federal Department of Housing and Urban Development guaranteed loan from Wells Fargo Bank, HUD filed paperwork approving the new oneyear contract between Riverbay Corporation and Marion Scott Real Estate, Inc. which the Riverbay Board passed last month. The letter sent to the Manhattan offices of Marion Scott Real Estate, Inc., Riverbay’s managing agent, was signed by Diane Lima, Director of Project Management for HUD’s New York office, and stated, “Effective November 1, 2012, for a one year term, we are approving the Management Certification for the above cited development (Co-op City) …” On October 24th, the Board voted nearly unanimously to approve a contract with no fee increases for Marion Scott Real Estate, Inc. to continue to operate as Co-op City’s managing agent for one year beginning on November 1, 2012 and ending October 31st, 2013. Eleven Directors approved the contract extension last month while only one dissented, and three
were absent from the meeting. After getting the vote of confidence from the Board last month and then receiving the official certification from HUD this week on their contract approval, Herb Freedman, principal for Marion Scott Real Estate, Inc., said, “We appreciate the endorsement of the Board and the approval of the one-year management contract after all these years. We love Co-op City and we intend to continue to do the best we can every day.” Having an established contract for its managing agent, Marion Scott Real Estate, Inc., was a prerequisite for HUD guaranteeing the needed refinancing at such a reduced interest rate, but many of the Directors who approved the new contract for Marion Scott Real Estate stated that much of the rationale for the approval of a new contract for MSI was based on the hard work and vision of the staff of the managing agent, particularly Freedman, who first saw the possibility of Co-op City qualifying for a low interest government guaranteed loan under HUD’s Section (Continued on page 2)
Public Safety expanding its core of Emergency Service Officers BY BILL STUTTIG Considered by many to be amongst the most challenging but rewarding assignments on the Public Safety force, the department will add five officers to the ranks of its Emergency Services Unit at the end of this month, as five officers are due to complete a ESU Officers Cynthia Singh and Mitch Romano four month training program on December 20th. Another two are also Bowman recalled, “with myself and expected to recertify as ESU officers at the another officer taking the required EMT end of the class. training and then at first we just worked out Chief Frank Apollo, commanding offiof the back of a patrol car whenever we cer of the Public Safety Department, said he were needed.” spent eight years of his nearly 25-year The unit grew to an around-the-clock career with Public Safety as an ESU officer operation as more officers became interand called it the most rewarding eight years ested in the rewarding assignment and sucof his career aside from his time as Chief. cessfully completed the required training. “Your time as an ESU officer is the most While it may be the most rewarding rewarding and challenging because you assignment, it is not an assignment that is have the chance to impact lives in such a easy to come by simply because the job direct way,” Apollo said. “My experiences requires you to be a licensed Emergency include everything from helping to talk a Medical Technician which requires up to 12 person out of suicide to delivering a baby in hours of training a week over a four-month an apartment when there wasn’t enough period and then passing a difficult series of time to rush the mother to the hospital.” physical exams where you are tested on the Apollo said he first worked as an ESU required procedures for a variety of medical officer under the charge of Public Safety’s emergencies from cardiac arrest to life current Operations Lieutenant Jeff threatening wounds. Failure to complete Bowman, who started the unit many years ago. “It really started out of necessity,” (Continued on page 3)
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HUD loan deal signed Three-year effort to reduce mortgage costs completed BY JIM ROBERTS Years of negotiations to open up a federal loan program have paid off for Co-op City residents with the signing of the historic $621.5 million mortgage refinancing that was completed in Manhattan on Wednesday, Nov. 28. The new mortgage with Wells Fargo will reduce interest payments by millions of dollars over the next 35 years by refinancing the existing New York Community Bank mortgage. The new mortgage carries an effective interest rate of just 2.9% because it is guaranteed by three different government agencies – New York State, New York City and the federal government through the Housing and Urban Development (HUD) agency. Officials from Co-op City attended the signing ceremony in Manhattan at the regional HUD office and praised the efforts of Governor Andrew Cuomo, Mayor Michael Bloomberg, HUD Secretary Shaun Donovan and executives from Wells Fargo and Riverbay. “This is a great, historic day for all shareholders, our friends and neighbors who live here in Co-op City,” said Riverbay Board President Helen Atkins. “Thanks to the Governor, the Mayor, Secretary Donovan, Wells Fargo, the
Riverbay Board President Helen Atkins and Mark B. Van Kirk, HUD’s Director of the Office of Asset Management, seal the deal with a handshake after the signing of the loan document on Wednesday in Manhattan. Photo courtesy of Bernard Cylich
members of the Riverbay Board of Directors and our managing agency, we have reduced our mortgage interest rate dramatically. “This new loan will allow Riverbay to continue the work of maintaining and improving our home for many years into (Continued on page 4)
Seabrook seeks parole, no jail time at January sentencing BY JIM ROBERTS Attorneys for convicted former City Council member Larry Seabrook filed court papers this week requesting that Seabrook receive no jail time when he is sentenced in January. “Standing before the court for sentencing is a 62 year old man who has had an extraordinary career that has genuinely impacted and inspired many young people to succeed and to carry on a tradition that he learned from his parents many years ago,” Seabrook’s attorneys wrote to Federal Judge Deborah Batts in court papers filed on Nov. 26. “For the most part, Larry Seabrook has lived an extraordinary law abiding life as a productive and responsible member of our society,” the attorneys wrote. Seabrook will be sentenced by Judge Batts on Jan. 8, 2013. He faces up to 20 years in federal prison for each of the nine felony counts and possible fines of more than $2 million. Prosecutors are asking that Seabrook receive a total sentence of 7 to 9 years in federal prison. In court papers filed on Nov. 13, pros-
ecutors from the U.S. Attorney’s office for the Southern District of New York told Judge Batts that she should “…impose a sentence that communicates clearly that corruption on the part of trusted public officials will not be tolerated.” Seabrook was convicted on July 26 on three counts of conspiracy to commit mail and wire fraud, three counts of mail fraud, and three counts of wire fraud. He was acquitted on three counts charging an illegal kickback scheme involving the bidding of a boiler contract at the new Yankee Stadium. Seabrook declares in his court filing that he did not break any laws. “Larry Seabrook has great respect for the jury system and for our judiciary, he has humbly and respectfully maintained his innocence of the charges of fraud upon which he has been convicted,” his attorneys wrote. Seabrook’s attorneys argued in their filing to Judge Batts that the former City Councilman did not know that employees (Continued on page 2)