Co-op City Times Articles

Historic agreement reached to rebuild Co-op City 

     RiverBay President Al Shapiro announced that Co-op City has officially concluded an historic $480 million financing agreement with New York Community Bank that will provide enough funding to rebuild the community.

Historic agreement allows us to continue with rebuilding Co-op City

     Finally, after a long and arduous journey, we have finally come to the end of the road with our refinance negotiations. On September 29, our negotiations went down to the wire as we attempted to negotiate with HFA concerning the matter of arrearages that they claimed we owed, and still close on an historic agreement with New York Community Bank in time to avoid defaulting on our existing loan with the HFA, and to proceed with the rebuilding of Co-op City.

Co-op insurance to be a requirement for all new shareholders

     The Riverbay Board of Directors passed a resolution last week that will require all incoming shareholders to hold and maintain a minimum amount of co-op insurance coverage to protect them against liabilities and the loss of personal valuables in the event of a fire, flood or other emergency.