![]() ![]() New York Community Bank helped Riverbay satisfy its $57 million mortage obligation, except for $95 million in arrears, by refinancing the loan later that same year. The complex defaulted on the loan in 1975 and has had ongoing agreements to pay back HFA, until 2004 when it was financially unable to continue payments due to the huge costs of emergency repairs. The construction of the community was financed with a mortgage loan from New York State's Housing Finance Agency (HFA). The name of the complex's corporation itself was later changed to RiverBay at Co-op City. It was designed by cooperative architect Herman J. The project was sponsored and built by the United Housing Foundation, an organization established in 1951 by Abraham Kazan and the Amalgamated Clothing Workers of America. ![]() When traveling into the city southbound from Interstate 95, it is one of the first sights a traveler sees and a vivid example of New York's urban immensity. Prior to housing that theme park, a small municipal airport was established there. There are two weekly newspapers serving the community: Co-op City Times (the official Riverbay paper) and City News.Ĭo-op City is on the site of Freedomland, a former amusement park. Before then, the property was run by in-house general managers.Ĭo-Op City as viewed from the east over the Hutchinson River. In 2008, trained supervisors were granted the power to write summonses for parking and noise violations and Segways were acquired to- along with bikes- help the officers patrol during the warmer months.Ĭo-op City has been managed by Marion Scott Real Estate, Inc. In December 2007, the cable television company Cablevision gave Riverbay permission to use its fiber optic cables in order to install additional surveillance cameras throughout the complex to be viewed at the Public Safety Command Center. All members have also attained Peace Officer status by NY State because of their special training. The complex has its own Public Safety Department with 89 sworn officers, which include field patrol, plainclothes detectives and EMT/ AED certified members of the force. The corporation employs over 1000 people and has 32 administrative and operational departments to serve the development. There is no pay for serving on the board. As a cooperative development, the tenants run the complex through this elected board. Riverbay Corporation is the co-op's core body and is lead by a 15-member board of directors. The building foundations extend down to bedrock through 50,000 pilings, but the land surrounding Co-op's structures settles and sinks a fraction of an inch each year, creating cracks in sidewalks and entrances to buildings. The development was built on landfill the original marshland still surrounds it. The adjacent Bay Plaza Shopping Center has a 13 screen multiplex movie theater, department stores, and a supermarket. Spread throughout the community are six nursery schools and day care centers, four basketball courts and five baseball diamonds. More than 40 offices within the development are rented by doctors, lawyers, and other professionals and there are at least 15 houses of worship. This "city within a city" also has eight parking garages, three shopping centers, a 25 acre educational park (including a high school, two middle schools and three grade schools), power plant, a 4-story air conditioning generator and a firehouse. The 236 townhouses, referred to by their street-name cluster, are three stories high and have a separate garden apartment and upper duplex three-bedroom apartment. The apartment buildings, referred to by number, range from 24 floors to as high as 33. It sits on Template:Convert but only 20% of the land was developed, leaving many green spaces. Its 15,372 residential units, in 35 high rise buildings and seven clusters of townhouses, make it the largest single residential development in the United States. 4 Qualifications for resident applicationĬonstruction began in 1968 and was completed in 1971. ![]()
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