Eastview House,
399 East 72nd Street

When Cooper Square assumed management of 399 East 72nd Street in 1995, the 165-unit co-op was less than 50 percent owner occupied, in financial trouble with the sponsor in default, the mortgage in arrears, and nearly $1 million in exterior work was needed to comply with Local Law 10. There were a significant number of sublets and the public areas desperately needed refurbishing. Additionally, the co-op needed to replace the superintendent, and six years of property tax appeals were pending.

The challenge facing Cooper Square was to put the building on sound fiscal footing so it could refinance the underlying mortgage and secure a line of credit. Through meticulous budgeting and strict financial controls, within three years, Cooper Square cured most of the problems without a maintenance increase or an assessment. The building then refinanced its mortgage at a favorable rate, obtained a $300,000 line of credit, and purchasers were able to get end-loans.

"Eastview House has achieved a remarkable financial turn-around with significant refinancing and line of credit that will enable our cooperative to move confidently into the future," said Zahit Akunler, board president. Dan Wurtzel, Cooper Square executive vice president, received a Platinum Award in Habitat magazine's Management Achievement Awards for his work at Eastview House.