Upper East Side co-op renovates through refi

An Upper East Side co-op board has managed to complete an $8.5 million refacing project, install $3 million in upgrades, and deposit $12 million into the board’s reserve fund — without raising the residents’ maintenance fee. While this sounds too good to be true, Habitat Magazine explained how the co-op board at 360 East 72nd Street refinanced its underlying mortgage to fund the approximately five-year project, which included numerous improvements, including work to the building’s chiller and elevators, on top of the brick refacing of the building’s exterior.