Category Archives: Fliers

A few air rights fact-checks – Round 2

Posted on by

Advocate both for and against the air rights deal have been working overtime to generate fliers.

Here are some corrections to a few of the more misleading statements we’ve seen.  There will likely be more to come.

"It's the total mass" flierThis flier is mostly accurate. We tend to agree that one 28-story building is the most likely as-of-right alternative to the deal. But the flier places the 28-story building on the wrong lot. Due to “setback” requirements, we do not believe it is possible to build 28 stories on the corner lot (even the “with air rights” plans don’t call for a 28 story building on that lot).  Perhaps not coincidentally, a 28-story building on the correct lot would cast a shadow with almost exactly the same impact on Rainbow Park as the “with air rights” scenario.
"2 buildings no matter what"This flier has a few issues (common to most of its numerous cousins as well):

  • As was pointed out by an opposition flier, the scale of the two photos is different.
  • The statement that two buildings are happening “no matter what” is inaccurate.  It’s a possible scenario, but we believe the single 28-story tower on the eastern lot to be the most likely as-of-right scenario (which, ironically, would make the impact of the YES vs. NO scenarios less disparate).
  • The $53 million figure is pre-tax, so the co-op won’t actually benefit to the tune of $53 million (we believe the $39 million after-tax estimate is more meaningful).
"37' from building 2"In no circumstance will the air rights towers be 37′ from building 2.  The shortest distance from the corner of building 2 to the Bialystoker lot line is about 60′.  The new buildings won’t be any closer to the F section (and only 12 feet closer to the C section) than the old East Broadway Medical Associates building.  The shortest distance between an F section window and the new buildings will be about 20% farther than the distance between the F section and the E section.
 "questions and some answers"This is the most egregiously misleading flier we have seen so far.  It incorrectly states that we will “permanently give up our access to a strip of our open space,” that we wont’ know how big they can build if say YES until after the deal is done, and that a successor owner would not be legally bound to abide by our contract if Ascend sells to someone else.

Corporate AND Cooperative

Posted on by

Following is the text of a flier that was circulated by former director Jodi Zagoory, who is also an occasional contributor to the Seward Spark.

When I served on the Board of Directors, we rebranded the co-op as “Seward Park Cooperative” instead of “Seward Park Housing Corporation.”  We believed fully in the cooperative character of our community, and wanted it to be the first impression we gave to the outside world.  But as directors, we also never lost sight of the fact that our cooperative is in fact a business corporation.

As shareholders, we elect directors to the Board to be the stewards of a corporation that today has a $25 million annual budget and over $1 billion in assets.  They are charged with making decisions for our benefit, and it is crucial that they have the qualifications, work ethic and temperament to tackle this difficult assignment in an informed, collaborative fashion.  

We absolutely need directors who will remember every day that they are overseeing a cooperative consisting of neighbors who call the cooperative home, not faceless shareholders who can simply dump their stock if they don’t like the corporation’s direction.  And I can happily say that I believe that all of the candidates running for the Board this year fit that bill.

But we also need directors who are willing and able to do the work of a director.  They need to engage with and develop a deep understanding of the important and complex issues we face, like restructuring our debts, handling offers to buy air rights, responding to lawsuits, and more. It is not enough to want peace.  Past Boards led by directors who chose to stick their heads in the sand led us to big budget holes (and big maintenance increases), bungled contracts and long-deferred necessary capital projects.

At Meet the Candidates Night, there were three candidates who had clearly done their homework.  They were familiar with the issues, had studied the co-op’s financial statements, and gave thoughtful and informed answers to questions.  These three candidates stood out for their mindfulness of the needs of all cooperators, and also for their positivity and their knowledge and eagerness to serve.

On June 15th, please join me in voting for #3 Wei-Li Tjong, #5 James Mastroianni and #6 Leah Strock, for a board that is truly cooperative, and also effective.

Jodi Zagoory
Former Member
Seward Park Cooperative Board of Directors

New Gazette

Posted on by

Director Eric Mandelbaum has issued another Gazette. Like the last one, this one seems to have had a pretty limited distribution. In another highly unscientific poll, more than half of the handful of shareholders contacted by the Spark had not seen a hard copy. But unlike the last one, this one is very, very long, and directly addresses this year’s election, endorsing candidates Finston, Ramirez and Riga and attacking past directors.