Spring your clocks forward Sunday, March 10, at 2 a.m. or before going to bed
Vol. 59 No. 10
Saturday, March 9, 2024
Management’s Response to Shareholder Request for Dept. Information Management Report
Marvin L. Walton
Riverbay Executive General Manager On behalf of Douglas Elliman Property Management, I am pleased to present a special edition of the Management Report for Riverbay Corporation. This Management Report provides an overview of the Corporation’s Fiscal Year 23/24 Comprehensive Budget for period ending January 31, 2024, as well as an overview of the 25 functional departments which comprise Riverbay Corporation. An analysis of the budget vs. actual comparison will be provided to keep the community informed on how Riverbay is performing financially for the current reporting period. The 25 departmental budgets are included in this presentation. (See chart on page 4) Fiscal Year 23/24 Comprehensive Budget Overview The budget summary on page 4 gives a snapshot of Riverbay Corporation’s Budget vs. Actual performance for Fiscal Year 23/24 for period April 1, 2023, to January 31, 2024. Income Most of the Corporation’s income is derived from carrying charges. For the period ending January 31, 2024, actual carrying charges were greater than anticipated by $232,000. Other income was less than anticipated by 7% or $3.17M due mostly to less than anticipated electric power income receipts. (Continued on page 4)
Legislators Call on HCR to Reconsider Carrying Charge Increase to Maintain Affordability for Co-op’s Families BY ROZAAN BOONE
State Senator Jamaal Bailey, Assemblyman Michael Benedetto and City Council Member Kevin C. Riley sent a joint letter this week to Commissioner RuthAnne Visnauskaus of the New York State Division of Housing and Community Renewal (HCR) protesting the recently ordered 8.1% carrying charge increase for Co-op City shareholders. The increase becomes effective on April 1, 2024. (The Commissioner’s Order was printed in the Saturday, March 2, 2024 Co-op City Times.) The Northeast Bronx legislators penned their correspondence to Commissioner Visnauskaus in response to concerns expressed by their Co-op City constituents about the 8.1% increase. In the March 7, 2024 letter to the HCR Commissioner, the three legislators maintain that such a steep increase would create “an immediate and insurmountable burden (Continued on page 9)
Phone Service Interruption - Riverbay Corporation
Sunday, March 10, 2024; 8 a.m.-10 a.m. Riverbay will be performing routine server maintenance which will impact incoming and outgoing phone service across the corporation. This work is expected to take approximately two hours. The Riverbay website will be down between 10 a.m.-12 p.m. For emergencies, please call 9-1-1. Shareholders will be notified when the process has been completed and phone service restored. We apologize for any inconvenience caused and appreciate your patience. —Riverbay Management
$1.25
Townhall Meeting to Discuss April 1, 2024 Carrying Charge Increase Riverbay Board President Sonia Feliciano has announced that a townhall meeting will be held on Wednesday, March 20, at 7 p.m., to discuss the HCR-ordered 8.1% carrying charge increase which becomes effective April 1, 2024. The meeting will be held in the Dreiser Auditorium and all shareholders are urged to attend. The townhall will also be live streamed on the Riverbay Crawler, channel 12 (MATV) and channel 591 (Altice/Optimum). Following the townhall, the Board will convene its regular Board Business meeting.
Management Holds Follow-up Discussion with Building Leadership on Apartment Repairs BY P.M. CAMPBELL
Riverbay’s executive management team led by Executive General Manager Marvin L. Walton held a follow-up discussion this week with building association leaders on feedback received from their Feb. 6 and Feb. 8 meetings on the apartment repair process. Mr. Walton was joined by Assistant Executive General Manager Cary Smith III and Deputy General Manager Warren Mitchell on Thursday evening, March 7, in the Dreiser Auditorium where shareholders from buildings and townhouse associations received summary sheets from the previous meetings on the apartment repair process as they entered the room. Executive GM Marvin Walton reiterates the “It’s a new day at Riverbay…” principle of the “shared vision” with buildsaid Walton at the beginning of the ing association leaders at the follow-up meeting. “When you reform a pro- discussion held this week on the apartment cess, you gotta know what you’re repairs process. Photo by P.M. Campbell working with.” He proposed an agenda which allotted 15 minutes to introductions, ground rules, and revisiting “the shared vision,” an hour to “data review,” and 45 minutes to additional items of discussion and next steps. After receiving a general consensus on that program, he discussed the relationship between the Riverbay Board of Directors, Shareholders, and Management, as the three pillars of (Continued on page 2)
BSA to Deliver Decision on 500 Baychester Ave. BY BRANDON ORTIZ
The New York City Board of Standards (BSA) will render their final decision this week on an appeal filed by Baychester Retail LLC. Officially, the public hearing is scheduled for Monday, March 11, and will start at 10 a.m. Shareholders who are interested in participating during the public commentary period can do so via Zoom by registering online at tinyurl.com/ yryvd25j. Shareholders who do not wish to speak and prefer only to watch the proceedings can do so on the BSA’s official YouTube page: youtube.com/ user/NYCBSA. Alternatively, shareholders have the option to view the hearing in-person by going to 22 Reade Street, New York, NY 10007. Baychester Retail LLC’s appeal decision will be the eleventh item on the agenda, according to the BSA. (Continued on page 10) The BSA’s final decision on the appeal