Co-op City residents consider going private
Apartment owners in Co-Op City are learning about going private.
The Riverbay Corporation, the company that manages Co-op City, held an educational meeting Thursday night before a standing-room-only crowd. The board and representatives of both pro- and anti-privatization groups were among those who attended.
Should Co-op City go private, it would have to leave the Mitchell-Lama affordable housing program. Residents who attended the meeting said they wanted to learn more about how going private would impact their bottom line. They also wanted to know about raising money for much-needed maintenance in the apartments.
"If you can't get people to sell out the apartments ? there's no revenue," eight-year resident David Sanqurche said. "So what happens? They're going to pick up your maintenance."
There was no vote on privatization at the meeting. A committee member said a vote is a long way away, and that the meeting's purpose was strictly educational.