[Fredslist] MANAGEMENT COMPANIES and FINANCING

[Dana Charlton]

Dear Gotham Members,

As president of my Riverdale co-op (northeast Bronx, at Westchester
County), may I pose two important issues for your help:

(1)  Management companies - We're changing management companies and have
started interviews.  Has anyone got any insights as to Goodman Management,
Gramatan Management, or Veritas Management?

(2)  Financing - We have a healthy reserve fund, but major capital
improvements coming up and don't want to deplete it.  We considered
refinancing our mortgage -- which would otherwise be paid off in seven
years -- getting finances elsewhere, and/or assessing the shareholders.
The problem:  It's a liquidating mortgage including a $355,000 penalty to
pay it off early, and a clause that we can borrow only a small amount
elsewhere.  It would cost us over One Million Dollars (including penalty)
to pay it off now.  Can we really be in-between a rock and a hard place?

Thank you, as ever.

Dana Charlton

Dana Charlton
Klein Zelman Rothermel LLP
Gotham City Networking, Inc.
485 Madison Avenue - 15th Floor
New York, NY  10022
Tel:  212-935-6020, ext. 212
Fax:  212-753-8101
email:  dcharlton at kleinzelman.com

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