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Coop City window project thought largest in history.


The state's Division on Housing and Community Renewal has approved what is believed to be the biggest window replacement program of its kind in the nation's history.

Whitestone, NY-based Tindel Replacement Windows This article or section has multiple issues:
* Its neutrality is disputed.
* It does not cite any references or sources. Please help improve this article by citing reliable sources.
 and its manufacturer, Northern Building Products Of Teterboro, NJ, this week won the $58 million contract to replace approximately 130,000 windows and over 5,000 balcony and sliding glass doors at the sprawling Coop City complex in the Bronx. The work will take over three years to complete, according to according to
prep.
1. As stated or indicated by; on the authority of: according to historians.

2. In keeping with: according to instructions.

3.
 Tindel's vice president and owner, Jason Monroe, whose firm specializes in large-scale replacement programs carried out with residents in place.

"To my knowledge, it's the largest replacement window contract ever, certainly in New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
," said Monroe. "It's certainly the biggest job we've ever tackled, but we are looking forward to the challenge and are confident we can deliver to the shareholders of Riverbay [the board which runs Coop City] a high-quality window installation and something they can have and utilize for many years to come."

The window replacement program is part of a $240 million extreme makeover currently underway at the nation's largest housing complex. It was built under the state's Mitchell-Lama program, an initiative which ran from 1955-1978 and used tax incentives to tempt tempt  
v. tempt·ed, tempt·ing, tempts

v.tr.
1. To try to get (someone) to do wrong, especially by a promise of reward.

2.
 developers into building middle class housing.

Located on 300-acres between I-95 and the Hutchison River Parkway, Coop City is so big, it would form the 12th largest city in the state if it seceded from the Bronx. Over 50,000 people live in 15,000 apartments in 35 towers and townhouses built throughout the 1960s as model homes for New York's middle class families.

However, the once showcase development's fortunes soon reversed as years of neglect sent it spiraling downwards. Crushed under mounting debt, Coop City managemant was unable to finance repairs to leaking roofs, shuddering shud·der  
intr.v. shud·dered, shud·der·ing, shud·ders
1. To shiver convulsively, as from fear or revulsion. See Synonyms at shake.

2.
 elevators, broken windows, a dilapidated power plant and condemned garages.

In 2004, after a state refinancing Refinancing

An extension and/or increase in amount of existing debt.
 package fell apart, Coop City was able to salvage a $480 million deal with New York Community Bank
NYCB redirects here. See New York City Ballet for the ballet company.


New York Community Bank is the banking division of the publicly traded company New York Community Bancorp.
 to remortgage A remortgage (also known as refinancing) is the process of paying off one mortgage with the proceeds from a new mortgage using the same property as security. The term is mainly used commercially in the United Kingdom, though what it describes is not uniquely British.  the complex.

Herbert Freedman freed·man  
n.
A man who has been freed from slavery.


freedman
Noun

pl -men History a man freed from slavery

Noun 1.
, principal of Marion Scott Real Estate Inc., the managing agents for Coop City, said $240 million of that recapitalization Recapitalization

Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable.

Notes:
Companies often want to diversify their debt-to-equity ratio to improve liquidity.
 cash was set aside for the repair and redevelopment of the infrastructure, adding that the window replacement program is one of several construction jobs underway right now.

"The amount of work going on right now is mind-boggling," said Freedman. "We have some 80 scaffolds up on buildings, 90 roof workers, brick and balcony work being done [to comply with] Local Law 11. There's a $70 million garage renovation underway on eight garages, a $60-million contract for a 40-megawatt generating facility and a whole series of other projects.

"We modernized mod·ern·ize  
v. mo·dern·ized, mo·dern·iz·ing, mo·dern·iz·es

v.tr.
To make modern in appearance, style, or character; update.

v.intr.
To accept or adopt modern ways, ideas, or style.
 179 elevators--the largest modernization anyone had ever heard of--about a year ago. We have been waiting a long time for the new windows. [The current windows are] single-pane windows and even when they are closed, you can watch the wind blow the blinds inside apartments."

Tindel and Northern are acknowledged experts in such large-scale projects, having successfully completed window replacements at some of the tri-state's biggest housing complexes, including East River Landing on First Avenue and SouthBridge Towers Southbridge Towers is a limited equity housing cooperative built under the Mitchell-Lama Housing Program and completed in 1969. The complex is located in Lower Manhattan in New York City south of the entrance ramp to the Brooklyn Bridge and is bound by Pearl Street, Frankfort  in Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North , which is currently underway.

Both firms have been working closely with Riverbay's architect, Ivan Brice, to engineer and coordinate the project in order to ensure that it runs smoothly. Brice has been retained by the board to oversee much of the renovation work.

Said Monroe, "The design of the installation system by Ivan Brice is such that it will not require the window openings to be structurally modified. This should ensure a clean and efficient installation.

"We have already begun the preliminary work, including shop drawings and samples and expect actual installation to start after the summer. This is a job that has been a long time coming for Coop City. The nice thing about windows, unlike other major capital improvements, is that the impact will be felt directly in each shareholders apartment.

"It's certainly going to beautify the buildings, save on energy costs going forward and should add value to the property."

Tindel and Northern will set up an on-site office at Coop City for the duration of the project, joining a plethora of construction companies already there that includes Mainco, the New York City-based elevator firm; Proto Construction, which is carrying out the facade work; WB Contracting of New Jersey, the roofing contractor; Fresh Meadows Mechanical of Queens, which is responsible for the co-generation plant; and Technical Construction Services, the New Jersey firm doing the garage reconstruction.

While Freedman admitted the unprecedented overhaul would result in much inconvenience for residents, he said he was confident that Coop City would rise from the ashes, adding, "It is unfortunate that we are so big and problem so large, but the corner should be turned early in 2007."
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Author:Barr, Linda
Publication:Real Estate Weekly
Date:May 10, 2006
Words:810
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