Garage and building repairs at Co-op City put on hold due to financing troubles
Garage and building repairs at Co-op City have been put on hold after the state fails to provide the half a million dollars it had pledged to the co-op development.
Last summer, Co-op City officials realized they had a crisis on their hands with no money to pay for much needed repairs and the mortgage. So the state vowed to help, but now the banks don't want to invest in Co-op City claiming that the largest affordable housing complex is a risk.
Assemblyman Stephen Kaufman (D-Bronx), who helped negotiate the original deal, says despite the setback he is confident something can be worked out.
So far, out of the six garages that were forced to close due to poor conditions only two have reopened. The other four are in danger of collapsing and facade falling from the building remains a threat.
Meantime, residents continue to point fingers at Co-op City's management company, Riverbay, saying the company has badly mismanaged Co-op City.