Amalgamated Houses, the oldest limited-equity co-op in the U.S., has pulled off a $30 million loan from National Cooperative Bank, the Wall Street Journal reported.
The Bronx housing development plans to allot $20 million for renovations of the balconies, the windows and the garage, its general manager Charles Zsebedics told the Journal. The remaining $10 million will go toward debts.
The development was advised by an architect to spend at least $20 million on improvements over the next five years. Renovations are slated to start in September, the Journal said.
There are 11 houses in Amalgamated, spread across five blocks from Major Deegan Expressway to Mosholu Parkway near Van Cortlandt Park. “I had noticed right away that there were some capital repairs that were lacking there,” said Zsebedics, who became general manager in 2011. [WSJ, 1st item] – Mark Maurer