Co-op City management under fire

(08/04/03) CO-OP CITY - Riverbay Corporation, the company that manages Co-op City, is being criticized for recent problems at the city's largest cooperative.

Co-op City board member Tony Illis believes the closing of four garages and the debilitating conditions at Co-op City are ways for those running the board to scare shareholders into thinking privatization is needed.

Ilis says the board and management spend money in ways shareholders don't even know. He says if Co-op City was privatized the board and management would control every single penny. But with privatization comes the possibility of losing affordable housing.

One solution for Riverbay would be to re-sign an agreement for state funding under the Mitchell Lama program. Yet in a letter to cooperators, Co-op City president Al Shapiro claims he has yet to see the funds.

Despite the debate, ultimately the decision to privatize Co-op City or stay in the Mitchell Lama program is up to the shareholders.

News 12 The Bronx contacted Riverbay, but they refused to comment.

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