Co-op City Times 12/29/12

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Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2012 Co-op City Times

Vol. 47 No. 52

Saturday, December 29, 2012

Public Safety recovers handgun after chase BY BILL STUTTIG After successfully chasing down a suspicious person late Sunday evening, Public Safety officers returned to the site of the chase and found a small caliber handgun on the grass near the Adler Place Townhouses. The discovery came after officers responded to an anonymous call to the Public Safety dispatcher reporting a suspicious man hanging around the Adler Place townhouses just before midnight Sunday, December 23rd.

Officers responded to the scene and encountered a man standing around the area. When the officers approached the man, according to the Public Safety report on the incident, the man fled through the townhouse cluster toward Asch Loop. Responding units coming from another direction captured him in front of Building 20B moments later. As the man was detained, officers conducted a search of the chase path and (Continued on page 2)

Occupancy rate climbs to nearly 99% in Co-op City BY JIM ROBERTS Figures for November released by the Riverbay Sales Department show that the occupancy rate here remains near an all time high, reaching nearly 99%. As of Nov. 30, there were only 225 unassigned units out of the total of 15,372 apartments in Co-op City, which translates into an occupancy rate of 98.6%. There were a total of 98 one-bedroom, 84 two-bedroom and 43 three-bedroom apartments for sale, according to the Sales Department figures.

Holiday closings and Co-op City Times early deadline notice On New Year’s Eve, Monday, Dec. 31, all administrative offices, EXCEPT the Rent Bookkeeping office, will close at 4 p.m. Since Dec. 31 is the last business day of the month, the Rent Bookkeeping Office will remain open until 5 p.m. on Monday, Dec. 31. Because of the holiday shortened work week, Directors’ viewpoints and community organizations’ articles must be submitted before 9 a.m. on Wednesday, Jan. 2, 2013. Material submitted after these times will not be considered for publication in the Saturday, Jan. 5, 2013 issue of the Co-op City Times. Please note that the regular business

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In November, a total of 59 closings were completed, comprised of 53 new cooperators and six transfers. A total of 43 sets of keys were turned in during the month, which included 27 regular moveouts, seven transfers, five legal possessions and four estates. The November occupancy rate of 98.6% was a significant increase over the rate in June, which was 98.2%. In June, there were 286 vacant units compared to (Continued on page 2)

An indoor winter wonderland … The residents of the 17th floor of Building 20A transformed their floor into a holiday delight this Christmas season complete with lights, candy canes, snow men, Christmas trees and even front apartment doors decorated as beautiful Christmas packages. These residents were just some of many throughout Co-op City who showed the holiday spirit this season by beautifying the floors and lobbies. Congratulations on a job well done. Photo by Bill Stuttig

hours of the Co-op City Times are 9 a.m. to 5 p.m. each weekday. Material for publication may be emailed to cctimes@riverbaycorp.com; faxed to (718) 320-2595 or slipped under the office door at 2049 Bartow Avenue, Rm. 21. Although the administrative offices will be closed on Tuesday, Jan. 1 for New Year’s Day, shareholders may contact Riverbay at (718) 320-3300, and follow the prompts for emergency maintenance, and the Co-op City Public Safety Department for emergencies at (718) 671-3050, as well as 9-1-1. We wish our readers a healthy and prosperous New Year.

2012 in review: J a n u a r y to J u n e The following is an account of the major events occurring in or affecting Co-op City during the first six months of 2012 as reported by the Co-op City Times. Next week’s issue will feature an account of the second half of 2012 BY BILL STUTTIG J anuar y: The preeminent story of 2012, the HUD guaranteed loan to Riverbay from Wells Fargo Bank, was fittingly the lead story of the first week of 2012. Wells Fargo announced on January 6th that it secured a State and City of New York agreement to guarantee the first $35M of the possible $600M loan guarantee to Co-op City from the US Department of Housing & Urban Development (HUD) through its 223F program, insured by the Federal Housing Administration (FHA). On January 5th, a meeting was held in Washington between HUD and Wells Fargo to determine the future course of action, amid the guarantee obtained from both the State of New York and the City of New York. “We do not know the details, but we are told that if we were to obtain a HUD loan insured by FHA, both the City of New York and the State of New York will guaranty the first

$35,000,000. This is the latest positive news that we’ve received,” Riverbay management reported to the community during the first week of the year. Later in the month, HUD would request and eventually receive city and state guarantees of up to $70 million of the loan. The story would evolve and change numerous times over the course of the year until the eventual closing of the loan in late November. Also, during the first week in January, final approval was given for Con Edison to provide Riverbay with a $67,000 incentive to have a comprehensive study into improving the efficiency and cost-effectiveness of the community’s heating and cooling system, as well as improving the efficiency of much of the community’s public area lighting.

The $67,000 incentive came from Con Edison’s Commercial and Industrial Energy Efficiency Program and covered nearly half the cost of the study conducted during the first three months of 2012 by the Manhattan-based energy consulting firm LC Associates. A new building inspection procedure whereby every inch of public space in the interior of all 35 buildings is inspected by supervisory representatives of all major Riverbay operational departments began in the first week of January. The four main operational departments involved in the new inspection process are CSO, Maintenance, Janitorial and Restorations. In all cases, a representative of the respective building association leadership is asked to accompany the management personnel team on the inspection and point out problems that they have noticed themselves or have had

reported to them by their neighbors. The procedure continued throughout much of the year and covered each building over a course of several months. In mid January, Coop City received the very positive news that the Einstein Center Post Office would not be closed as threatened. The announcement came after months of hearings and protests about a United States Postal Service plan to close both the Einstein and Dreiser Post Offices as part of a costcutting plan to close more than 3,000 postal facilities nationwide. Later in the year, all closures would be put on hold pending further study of the postal service’s finances. Also in mid-January, Riverbay received (Continued on page 3)


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