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 storeys 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.
Since the sponsor gave up control of the co-op to the shareholders in 1997—read a history of the litigation—we have increased the proportion of shareholder-occupants from 38% to 95.5% (this number includes co-op-owned apartments, which financial institutions count as “occupied by shareholders”). The sponsor is no longer in the picture since 2002, when they sold their remaining apartments to the co-op.
The current occupancy statistics (as of 01/30/2017) are as follows:
(as of 01/30/2017)
|14 Bogardus||31 Nagle||37 Nagle||Total||%|
We are aiming for an even higher proportion of owner-occupants—we dream of 100%. Owners tend to care more about the welfare of the buildings and their neighbors than do renters, and the presence of tenant-shareholders in the building make for a vital, exciting cooperative community, and a viable investment. To reach this goal, we will continue to pressure investors and sublessors to sell their apartments to bona fide tenant-shareholders, and the co-op will sell its four apartments (which are currently 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 91%-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, 2 porters, and painter/handyman. Our management agency is Blue Woods Management Group, an exceptional company based in Sleepy Hollow, NY.
Take a look at some pictures from our co-op.