Co-op City management company puts plan to privatize on hold
Plans to privatize Co-op City have been put on hold.
Riverbay, the company that manages Co-op City says it will not go ahead with privatization for at least five years. Co-op City's crumbling infrastructure and crippling debt has halted the effort.
For now Riverbay is hoping to refinance its mortgage, which would provide almost $300 million dollars for emergency repairs and maintenance. What this means for residents is that the cost of living will go up, which has many concerned.
The price of living in Co-op City has stayed relatively the same for years, making home ownership possible for low and middle-income Bronx residents. Riverbay says the price of a one bedroom could go up as much as $4,000.