Ce le l ebb rat e O ur 50t h AAnnnnii v ers e rsaarr y Wi th t h UUss!! For Tickets & Journal Ads, Call 347-913-4226.
Vol. 53 No. 47
Saturday, November 24, 2018
$1.25
New Safety Outerwear Keeps Riverbay Workers Dry and Visible Working outdoors in the weather – with rain, snow and cold making conditions sometimes miserable – is part of the job for many Riverbay employees. Providing the right gear to combat those elements is a task the Safety Department is addressing by providing new jackets, pants and gloves to staff members who never let “neither snow nor rain nor heat nor gloom of night” keep them from making life safe and comfortable for Co-op City residents. “Anybody who works outside should be equipped properly with outerwear that keeps them warm and dry,” said Riverbay Safety Director Anthony Barzelatto. “We’re getting them jackets, rain and snow pants, and reflective gloves to protect them from some pretty tough weather conditions they face regBY JIM ROBERTS
ularly while doing their jobs.” Riverbay workers in Grounds department, Building Maintenance, Parking, Peartree and electricians and plumbers were fitted and are now wearing their new brightly colored gear. The bright greenish yellow colors were especially chosen to make the staff people visible. “The jackets and gloves are highly visible, and that’s something we stressed when picking the colors,” Barzelatto said. “The more visible the gear, the less chance there is for an accident.” Barzelatto credits Marissa Cruz from the Safety Department and Miguel Baez from Parking for conducting extensive research to find the right materials to keep the workers dry in rain and snow. “These jackets and pants are waterproof (Continued on page 2)
Building 33 Update
Riverbay outdoor workers have been issued brightly colored greenish yellow waterproof outerwear imprinted with the Riverbay logo to make them more visible and help protect them from accidents and outside elements as they work. Photo by Brandon Ortiz
Co-op City’s 50th Anniversary Gala Special discount for Community Organizations If you are a certified community organization in Co-op City, tickets, tables and journal ads may be purchased at a discount for the upcoming 50th Anniversary Gala scheduled to take place on Monday, December 10th, at Marina del Rey starting at 6 p.m. For more information, call: 347-913-4226 .
Riverbay’s Deferred Equity Program
Since implementation of the in-house Riverbay Deferred Equity Program in May 2011 to assist incoming and transferring shareholders to be able to afford an apartment in Co-op City, 1,830 shareholders have taken advantage of the program. So far this fiscal year (April-Sept. 2018), 84 shareholders have opted in for the deferred equity program, 95 shareholders paid cash for their apartments and only four secured loans with Citibank and 14 with Sterling Bank. Shareholders who participate in the deferred payment plan must put down 35% of the equity requirement for the shares of the apartment they are interested in. They then have seven years to pay off the remaining 65% balance. For example, using the average size apartment of 4.5 rooms, the current equity requirement based on $4,500 per room is $20,250. The deferred payment program allows new shareholders to put down 35% at closing ($7,087.50). The payment of the remaining 65% (or $13,162.50) is then spread out over seven years, plus a small “deferral fee,” similar to if BY ROZAAN BOONE
Shareholders of Building 33 wait in line on Monday, November 19, to receive $100 in compensation from Riverbay for the recent gas shutoff that took place two weeks ago. On Wednesday, November 14, shareholders of Building 33 learned that they might be without gas for up to two months due to gas leak repairs. During the meeting, Riverbay’s management team told residents they would meet to discuss ways they’re going to help with the situation. As promised, management coordinated assistance for residents during this tough time. Shareholders appreciated the monetary support especially with the upcoming holiday centered around cooking. Most plan on using the contribution to buy other appliances for the kitchen or as reimbursement for recently purchased cookware upon receiving the news. Special accommodations will be made for those shareholders that were out of town for Thanksgiving and may have missed Monday’s 9 p.m. pick-up deadline. —Toriea McCauseland Photo by Brandon Ortiz
they had a loan with a bank. “This deferred equity program actually hurts Riverbay’s cash flow because instead of Citibank or Sterling lending the new shareholder all the equity and it being paid in full to Riverbay, Riverbay now will only receive 35% of the equity and then has to wait seven years until it is paid in full,” said Peter Merola, Riverbay’s Director of Finance. “Nevertheless, this program was a necessity for Riverbay because after the United States’ financial crisis in 2009, the housing company started to see many lenders cut back on the loans being made for co-ops. Many of our buyers still report finding it difficult to get loans. Therefore, if Riverbay wants to continue to sell apartments, it needed to devise a plan to assist new shareholders, as well as transferring shareholders who could not afford the large initial purchase price. “In effect, Riverbay is taking over the role of the bank, but it is not actually lending money; it is, instead, allowing for the equity to be paid off over time. So while Riverbay initially loses the revenue from the upfront payment of the full equity monies, it gains in the long run by (Continued on page 4)
Extended Hours Continue Through Year-End For Bookkeeping Window
The Riverbay Finance Department’s Bookkeeping window will continue to offer extended business hours as a convenience to shareholders who are not available during normal business hours to pay their maintenance charges. The Bookkeeping window is located in the Riverbay administrative reception area in the Bartow Community Center, 2049 Bartow Avenue. On extended business days, the window opens at 8 a.m., instead of
BY ROZAAN BOONE
9 a.m. This occurs on the two busiest days of the month for the Finance Department—the 10th of the month (or the next business day, if the 10th falls on a weekend or holiday) which is the last day for shareholders to pay their maintenance charges without the $50 late fee, and the last business day of the month when maintenance charges must be paid before legal action commences and a $200 legal fee is assessed. Riverbay’s Director of Finance Peter Merola said that this service comes at no additional cost to River-
bay Corporation’s shareholders because the Bookkeeping employees agreed to change their work schedule to accommodate the extended hours on the two busiest days of the months. The next extended opening of the Bookkeeping window will be on Friday, November 30, when the service will open at 8 a.m. for those who prefer to leave their payments directly with the Finance office. In December, extended bookkeeping hours will be (Continued on page 2)