About NaBors Apartments
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NaBors Apartments — also known as Nagle Apartments Corp. — is a cooperative complex that consists of three buildings connected by an inner, private garden/courtyard. The buildings were erected in 1952. They are all six stories tall, with a red brick exterior and elevators.
We have a total of 111 apartments — studios, one-bedroom, and two-bedroom — in a variety of configurations.
The sponsor is no longer in control of our buildings. The co-op took permanent control in early 1997, after several years of litigation. (Read a history of the litigation.)
At the moment, 93% of our apartments are “occupied” by shareholders (from the point of view of financial institutions, co-op-owned apartments count toward this magic number). The co-op bought the 12 remaining sponsor-owned apartments in June 2002.
The current occupancy statistics (3/31/04) are as follows:
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87 owner-occupied |
78.4% |
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16 owned by the co-op |
14.4% |
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8 owned by investors and/or sublet |
7.2% |
Just five years ago, only 38% of our apartments were owner-occupied, but we have taken great strides in a short period of time.
We are aiming for 100-percent owner occupancy because the presence of tenant-shareholders in the building makes for a vital, exciting cooperative community, and a viable investment. To reach our goal, we will continue to pressure investors to sell their apartments to bona fide tenant-shareholders, and the co-op will sell its 16 apartments (which are occupied by rent-stabilized tenants) to shareholders as they become vacant.
We are in great legal and financial shape (check out our financial statements), and because we are 93%-occupied by shareholders, prospective shareholders should be able to get mortgages from any bank without difficulty. And the National Cooperative Bank considers us a good investment.
Our co-op is maintained by a wonderful superintendent, porter, and painter/handyman. And our management agency is Blue Woods Management Group, an exceptional company based in Riverdale, just beyond the northern tip of Manhattan across the Harlem River.
For more information, take a look at our Frequently Asked Questions page. Or contact us, and we'll be happy to answer any other questions you may have.
