Cooper Square

One key to successful management is sound fiscal practices. During the period of low mortgage rates, Gracie Gardens on East 89^th Street off East End Avenue combined refinancing with revenue producing initiatives.

Working with Dan Wurtzel, Cooper Square President, the building reduced its interest rate on a $14 million mortgage by about 20% saving $150,000 a year in debt service.

With these funds, the building commenced a capital improvement program including a new boiler and exterior renovation.

Combined with a previously instituted flip tax that strengthened the reserve fund, the co-op was put on strong financial footing. The board kept maintenance charges level for several years without a decline in service or negative impact on the co-op's finances.