Co-op City's management company inks loan deal with private bank
A loan deal reached between Co-op City's management company and a private bank has helped save the complex from financial ruin.
The $400 million loan from New York Community Bank will be used to repair crumbling garages and facades. Co-op City was on the verge of defaulting on a mortgage payment but was able to get a loan just in time. In addition to the loan, co-op residents will have to pay more for maintenance to help generate extra revenue.
Co-op City's board chose to take a loan from a private bank after rejecting a bailout offer from the state.