Board of Directors Election EXTENDED EXTENDED!!
Co-op City Fireworks and Concert July 6 on the Section 2 Greenway!
Please VOTE by Friday, June 28.
See page 10 for details.
Riverbay Board Election Vol. 59 No. 25
Notice to Shareholders This is a reminder that the 8.1% carrying charge increase ordered by the Commissioner of NYS Housing and Community Renewal (HCR) becomes effective on July 1, 2024. Please see the Commissioner’s Order and amended Order printed in the Saturday, March 2, 2024 and Saturday, March 23, 2024 issues of the Co-op City Times, respectively. Surcharges will also be assessed effective July 1, 2024.
NYC Rent Guidelines Board Votes to Hike Rent Stabilized Rents
(Continued on page 11)
$1.25
Next Friday, June 28, is New Deadline to Vote in Riverbay Board Election 938 Ballots Still Needed to Make Quorum BY ROZAAN BOONE
Next Friday, June 28, is the deadline to vote in the 2024 Riverbay Board of Directors election which was extended last week after an insufficient number of shareholders voted in the annual election by the initial deadline on Friday, June 14, 2024 to validate the election. The new extended voting period ends at 9:00 p.m. on June 28. As of press time Friday and over the last five (5) weeks since voting began on Monday, May 20, 2024, a total of 4,097 ballots have been cast in the election, representative of approximately 81% of ballots needed for quorum. Of the 4,097 ballots received by YesElections, the independent election vendor, 1,563 are internet ballots and 2,534 are paper ballots. This year’s quorum requires 5,035 ballots. (Continued on page 4)
HCR Stays Firm on 8.1% Carrying Charge Increase
Report for Period Ending May 31, 2024
Dear fellow President’s Report shareholders, Hope everyone is doing well. Many have asked if HCR is going to move forward with the 8.1% increase. We have made several attempts to discuss this issue with HCR taking into account that the Board approved a resolution for a 2.1% increase covering a $4.2M deficit. This increase request was passed unanimously by Directors (Continued on page 2)
Marvin L. Walton
BY BRANDON ORTIZ
In a close vote, New York City’s Rent Guidelines Board voted 5-4 to increase the monthly rent for rent stabilized apartments on June 17. For one-year leases, the Rent Board voted to increase monthly rents by 2.75%; for two-year leases, the board voted to increase monthly rents by 5.25%. The increase applies to leases signed between October 1, 2024 and September 30, 2025. The latest increase approved by the Rent Guidelines Board comes on the heels of three consecutive increases in 2021, 2022 and 2023. On average, the Rent Guidelines Board has voted to increase rent for rent stabilized apartments by roughly 2.4% since 2020. There was no increase in 2020 due to the Covid-19 pandemic. Mayor Adams acknowledged the difficult decision the Rent Guidelines Board dealt with in a statement released shortly after the Board’s decision. “The data reviewed by the Board this year makes clear that our city’s tenants are facing a severe housing and affordability crisis, and that the quality of our city’s rent stabilized homes is threatened by growing operating and maintenance
Saturday, June 22, 2024
Message from the Chief of the Department of Public Safety
Spike in Catalytic Converter Thefts Within Co-op City On Monday, June 17, 2024, the Department of Public Safety began receiving almost a dozen complaints from shareholders whose catalytic converters were stolen from vehicles parked in Co-op City garages. The types of vehicles involved include various models and years of production, including but not limited to Hyundai, Honda and Mitsubishi. Chief Riley Prior to June 17, there were only two reports to CCPD of catalytic converter thefts in Co-op City since January 2024. (Continued on page 6)
Sonia Feliciano
How to Stay Cool This Summer BY DANIELLE CRUZ
As we enter into summer and as temperatures reach the high-90’s, shareholders are reminded to take precautions to stay cool and hydrated. High temperatures can be dangerous, especially to older adults, children and individuals with pre-existing health conditions. Prolonged exposure to the heat and sun can lead to a slew of heat-related illnesses like heat stroke, heat exhaustion and even sun poisoning. You can visit https://www.cdc.gov/niosh/topics/ heatstress/heatrelillness.html for a list of heat-related illnesses and symptoms. “A heat wave can be more than just uncomfortable, it can be deadly and life threatening if you are not prepared,” said Mayor Eric Adams in a press release. “I (Continued on page 11)
Management Report
Riverbay Executive General Manager On behalf of Douglas Elliman Property Management, we are pleased to present the Management Report for Riverbay Corporation for the period ending May 31, 2024. This Management Report provides updates on the ongoing progress for staffing for the Public Safety Department, Local Law 11, Dreiser Auditorium Renovation Project (Continued on page 12)
Board Approves Bingo Hall Lease & Improved Apt. Restorations BY DANIELLE CRUZ
On Tuesday, June 18, the Riverbay Board of Directors approved Resolution 24-28, which will modify Riverbay’s current policy requiring vacant apartments to be restored to their original condition before being sold or transferred. Resolution 24-28, which was introduced by Director Leslie Peterson and seconded by Board President Sonia Feliciano, states that Riverbay will no longer be required to remove approved alterations that were made to accommodate disabilities, as well as custom improvements and upgrades made to kitchens, bathrooms and appliances. This resolution allows Management to use its own discretion to determine whether custom improvements or upgrades need to be removed and replaced with Riverbay’s standard finishes and fixtures. All apartments will still be inspected to (Continued on page 11)