Co-op City shareholders approve refinancing plan
A refinancing plan was passed by Co-op City shareholders that will provide money to complete necessary repairs.
Some of the $192 million from the plan will provide money to pay off Co-op City's original mortgage. Funds will also go towards fixing the facades, garages and balconies. The money will also allow for the purchase of new elevators and windows. Maintenance fees will increase almost 20 percent within the next five years.
The deal's approval has eliminated the chance of privatization.