SPWVH: building shareholder awareness and speaking credibly since 2018.
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Jane Jacobs Vision Vs Robert Moses Buildings are Crumbling Teardown
We not only successfully exited article 11 by a landslide vote in 2019, 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 vote by nearly 2:1
GONE!
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Fact-based articles from reputable sources on Co-Op governance, rights and legal issues found below
What We're Doing Now
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What We're Saying
What We're Saying
What We're Saying
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RISK - from predatory developers ...
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)
The future of WVH depends on your involvement
Together since 2018, WE have worked and voted together to preserve WVH and its financial stability.
Together, PRESERVEWVH is committed to:
- Electing directors who are effective problem solvers that respect the ufinancial stability of our CoOp.
- Champion shareholder voices
- Preserving the authenticity of our homes and connection to community