Shareholders of Co-op City have suspended management company Marion Scott Real Estate from operating the 15,000-unit Bronx residential complex.
The board of directors of RiverBay announced this week it had taken over day-to-day operations. The directors claimed that Marion Scott mishandled its duties, failed to correctly insure the complex, and negotiated contracts without approval from RiverBay.
RiverBay has also requested that the state investigate its charges against the managing agent.“These acts of misconduct will not be tolerated,” Cleve Taylor, president of RiverBay, said at a public meeting, according to the New York Daily News. “The board has taken action.”