Parkway Village co-op needs help in solving quality-of-life issue

By Henry Euler, Bayside

As an active community civic member, I am concerned when I learn my neighbors face a serious challenge. This week, I demonstrated with members of the Parkway Village housing cooperative in front of the JP Morgan Chase asset management building in Manhattan. The following is my understanding of the problem.

JP Morgan holds the mortgage to the Parkway Village co-op. The co-op's heating system has broken down and the residents need to refinance their mortgages in order to replace it before winter with an energy efficient system. JP Morgan refuses to refinance.

The residents could go to another financial institution that would lend them the money, but JP Morgan will not allow the residents to accept a deal unless a $5 million prepayment penalty is paid. The residents cannot afford this.

JP Mogan is being inflexible and uncaring to the 675 middle-class families living in the community. The residents cannot live in buildings without heat nor pay $5 million.

It is interesting to note that JP Morgan received $30 billion from the federal government to assist with its acquisition of Bear Stearns. But when it comes time to assist working-class New Yorkers in overcoming a problem that could force them to leave their homes, JP Morgan chooses to take a greedy position in a dire situation.

If you want to help, send an e-mail to Daniel San, vice president in charge of asset management at JP Morgan, at [email protected] or call him at 212-648-2784 and ask that his company show mercy to Parkway Village residents by eliminating or slashing the penalty to refinance at another institution.

For those who do not know, Parkway Village is a 34-acre community built in the late 1940s to house diplomats and employees of the newly created United Nations. Ralph Bunche and Betty Friedan called Parkway Village home over the years.

Today, some U.N. employees still live in this community. It has park-like grounds. It is a gem that should be landmarked and protected. It has the necessary historical, cultural and architectural components to merit landmark status.

We all must speak out to help each other protect our homes and quality of life. We never know when our turn will come, when our community's survival is at stake. Please help Parkway Village residents.

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