Friday, February 1, 2008

Still Charred And Boarded Up

For those of you wondering how Gill Park Co-op (near Sheridan and Broadway) is dealing with the fire that severely damaged several floors of the building and presumably left some residents homeless, we checked on the building today. And as you can see, the building is still charred and the windows are still boarded up. That must be frustrating for the folks who lived in those units.

5 comments:

  1. Where can they get money with this coop ownership structure devised by ONE (Organization of Northeast)? They will need a government bailout.

    HUD wanted to dispose of this building as it was at the end of its term. ONE wanted it to remain a 100% low income building. So, they along with Shiller had the 100% low income tenants buy it with no-money-down HUD-financed mortgages that require interest-only payments on the debt. There is no equity in that building.

    Sound familiar to anything else going else on in today's economy?

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  2. A lot of these low-income co-ops are going to fail. They are not based on financially sound principles, and they rarely have money to maintain the buildings properly. The city will have to step in and shut this one down if it becomes dangerous to residents and the general public. Looking at the painted concrete facade, it is crumbling and needs patching. Most high-rise condo buildings can barely afford to do this, so you can bet that these cash-strapped co-ops will also be in trouble.

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  3. Yet Wilson's Men Club is still running.

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  4. Project Section 8. Doomed to eventual financial failure.

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  5. I just ran across this topic being on-line and I have to say the comments made on this blog are distorted. Gill Park Cooperative went through a trying time after the devastating fire. It was said that if left residents homeless (that’s a LIE). Those residents were relocated with in the building. As any property you have to maintain building issuance, so why would anyone think that they can't fix the building. A sizable claim can take months to complete, because all the investigations that has to take place. If anyone new how to follow good business they would know since they're making comments that the building is getting ready to undergo a GREAT rehab. and as far as the financial part of things... I'm willing to bet ANY Condo Assoc., private owner, Loft Assoc., or any other property business that this "Section 8" Cooperative will be around much longer than all others. Please learn the history and Pride of Cooperatives before you fly open your trap with negative BS.

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