The Story of the Lower Hudson Valley
4 months of due diligence brought us to the point where we made a decision to move forward on this extremely challenging project. No records to be had. Out of a close to 60 unit cooperative, very few were actual shareholders. Some were squatters. Some relatives that believed they owned the shares due to the passing of relatives. Nothing was ever recorded.
Due to gross mismanagement, these families have been living as if they were in a third world country. This is NOT acceptable in 2014 in the United States of America!
We had to recreate records, books, bylaws, plans and other viable, pertinent information to move this project forward.
This property had two foreclosures, one of which was a non-monetary foreclosure for Health and Safety Violations and it was in bankruptcy. We had to negotiate out of both foreclosures and have the bankruptcy dismissed so we can place a first mortgage lien on the property in the amount of $2,400,000.00. This money covered not only the two loans on the property that were in foreclosure, but also the capital improvements required to bring the building up to date. This also included a Green Energy Building Conversion which will save them close to, or more than 20% each month in energy savings.
The balance of the monies are to be used to set up a fund for the shareholders to borrow from to repair their individual units should they not have access to the required funding; implement programs such as computer skills, employment skills, Day Care and set up a Micro Bank to hedge against unexpected special assessments; capital improvements such as replacement of close to 500 windows, doors and upgrades to HVAC, plumbing and electrical systems to Green Standards as a matter of saving 20% or more on their energy costs.
We have petitioned the City, County, State, Fed, HUD and other organizations who all wanted to see that the building was sold, without remorse for the 60 families currently living there.
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