A new refinancing deal might bring as much as $300 million to Co-op City
A state agency has reached a deal that could allow for millions of dollars in repairs for Co-op City.
The Riverbay Management Company, which runs Co-op City and has been in debt for years, hasn't been able to complete all necessary repairs. A deal to refinance Co-op City's mortgage would get as much as $300 million to do the work.
The deal, which could be approved in a couple days, should allow Co-op City to complete repairs on its parking garages. There is also the possibility of investing in a power generating facility.
Co-op city might be saved by the new deal in short term, but privatization will not be an option for another four years. The agreement may also bring a rise in maintenance fees for the first time since 1996.
A formal announcement about a possible deal will be made on Thursday by Co-op City management.