In a historic land purchase, a Bayside cooperative is now fully in control of its own future.
Bay Terrace Co-op Section One announced on July 25 that it now owns the land its buildings are built on for the first time in 60 years after purchasing the 10 acres from Cord Meyer Development. By the end of 2018, leaseholders in all the Bay Terrace Cooperative Sections will own their land as Cord Meyer works with them to finalize their land purchases, impacting over 1,800 families.
The purchase, which allows the development to retain all future development rights on the land, was financed entirely through the corporation’s reserve funds.
Warren Schreiber, president of the co-op, said the purchase will benefit its shareholders in a number of ways, including a rise in the value of their apartments. The sale will also allow the co-op greater freedom to begin improvement or construction projects, simplify the process for shareholders to sell their apartments and make it easier for interested buyers to receive mortgages from financial institutions who may have been hesitant to cooperate due to the land lease status.
“This land purchase represents a major milestone in the history of the co-op that will benefit both current shareholders and future generations of shareholders to come,” Schreiber said.
The co-op president thanked Councilman Paul Vallone, Assemblyman Edward Braustein, state Senator Tony Avella and Cord Meyer Development for their part in the process.
“This is a historic land purchase, not just in northeast Queens, but the whole city. Once all the other sections have finalized their land purchases, the over 1,800 families of Bay Terrace will have complete control of their destiny and future for the first time,” Vallone said. “As some of the only true affordable housing that exists in my district, the Bay Terrace co-ops will continue to thrive as they become more attractive to buyers and provide greater financial security to their current shareholders.”
“Since I started in Cord Meyer in 1983, we have been working with the leaseholders in all 9 Bay Terrace sections,” said Anthony J. Colletti, chief operating officer of Cord Meyer Development Company. “It wasn’t until Council member Vallone put us all in a room together that we finally got it done.”
