2001-10-27 / Columnists

Chatting With Chapey

By Dr. Geraldine M. Chapey

By Dr. Geraldine M. Chapey

As the President of the Atlantic Tenants Association representing the
tenants at 107-10 Shore Front Parkway, I called an important meeting of the tenants on Wednesday, October 17, 2001. The purpose of the meeting was to inform the tenants of the current activities in the bankruptcy court. Our tenant attorney, Eugene Crowe, also addressed the meeting.

The following material on information and belief was brought to the attention of the tenants. The bankruptcy court has approved a plan for the Dayton Seaside complex which includes an agreement with Metrovest, Inc. (a firm based in Astoria) as follows: 1) there will be a $10 million payment for back taxes to New York City, The charge for the back taxes will not be passed on to the tenants. 2) There will be a $10 million Capital Improvement package for facade work on the buildings. (Seventy-five percent of the facade work remains to be done.)

It is our understanding that the agreement includes the following building improvements: a) new windows, b) new roof, c) elevator upgrades, d) balconies repaired, e) balcony doors replaced, f) new lobby entrance doors, g) repairs to parking area and h) new air conditioning sleeves.

According to our information the building will remain under the rent stabilization program and the tenants will be protected by this status.

The bankruptcy court has agreed to a Major Capital Improvement Charge
(MCI) being passed on to the tenants. The proposed increases are as follows: 6% the first year and 4.5% in the second year. Our attorney is monitoring this situation in order to protect the tenants from any undue increases.

It is our understanding that the agreement was signed by the New York City Comptrollers office last week. The details must now go back to the bankruptcy court for a final agreement.

According to our sources, Metrovest, Inc. was not given any special arrangement. They are only being given a J51 tax abatement for repair costs.

The Department of Housing Preservation Development is responsible for monitoring the quality and progress of all repairs. We are working to be sure that the repairs are done responsibly and efficiently. It is important that the facade work continue as quickly as possible because the very cold weather can interfere with the pace of the repairs.

So far there is no specific timetable as to when these issues will be finalized. The tenants committee and our attorney will continue to fight for the rights of our tenants. We will be carefully monitoring the buildings progress. We will initiate all necessary legal actions in order to protect the tenants.

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