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We not only successfully exited article 11 by a landslide vote, we voted last October to SELL THIS EYESORE of a GARAGE by a landslide too!
And, regardless of the years from certain anonymous obstructionists with pie-in-the-sky options to block this vote, a super-majority of WVH shareholders saw through them to WIN a $64 million deal that has brought us financial stability and lower maintenance.
Overnight, we have now:
• Paid down $50 million of the principal on the $60 million loan WVH took out to cover its first mortgage, leaving only a manageable $10 million until we are mortgage-free.
• Paid down the last $2.7 million of the HDC loan that we owed the City of New York. What this means is that the days of the 25 percent flip tax are now over. In its place, there’s just a 5 percent flip tax that is consistent with other Manhattan Coops.
So anyone who has been hesitating to sell because of the high flip tax can now call their real estate agent. And for those of us staying, we can finally look forward to financial stability at WVH.
Although there are significant issues that lie ahead, we can be proud of our accomplishment and the clear options we have chosen in majority.
Fact-based articles from reputable sources on Co-Op governance, rights and legal issues found below
promoting preservewvh.org as the go-to site for fact-based user-friendly information
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Risk is the elephant in the room when it comes to private real estate offerings.
Its open discussion is often skirted at the outset of a proposed investment opportunity and, in some instances, vastly underestimated.
While avoiding investment risk is ideal, unless investors want to simply hold treasuries (which is generally referred to as the “risk free rate of return”), the reality is that risk is a natural part of any investment and commercial real estate is no exception.
— From "Top 10 Sources of Risk in Real Estate Investment Deals" (Article available for download in the "Real Estate Development Risks" section below)
• As is increasingly common in New York City, Hudson Yards is a private space masquerading as a public one. (New Yorker March 2019)
• Who is Stephen Ross, the billionaire owner of Related's Hudson Yards, criticized for his high-end Trump fundraiser? (Washington Post)
• A quarter of the new condos built since 2013 in New York City have
not yet found buyers, according to a new analysis of closed sales. (New York Times)
• The demand for housing in the West Village will increase over the next few years as Google and Disney significantly expand their offices and studios all within walking distance of WVH.
• The Elliman Report - Miller Samuel's Quarterly Survey of Manhattan Co-op and Condos - (Jan-April 2019)
• The median sales price has not seen a year over year decline in 10 quarters.
• Median sales price and numbers of sales for co-ops continued to outperform condos.
• Knowing the types of PLUMBING PIPES in your home lets you take steps to prevent leaks, flooding, and potential health hazards.
Together, PRESERVEWVH is committed to:
And please remember: there’s a Board election coming up soon, on June 29. We urge you to please support sensible, problem solving candidates who can continue to keep us moving forward as a community.
Meetings to be announced via email: