August 2012 - Empire State Development - New York State

DRAFT – SUBJECT TO REVIEW AND REVISION
Following Ms. Roy’s full presentation, the Chair called for questions or comments.
Director Ciminelli asked how long the current landlord has been in place and Ms. Roy explained
that the partners on this project have been in place since the project was created and that the
management company has been there for the entire time as well.
Mr. Roy explained that this represents part of the way the Mitchell-Lama’s were
originally created.
Ms. Roy further noted that the disrepair has been caused in large part by the way it was
constructed. She further explained that it is on the ocean and the useful life of the windows
and the roof have expired.
Director Ciminelli stated that it seems like a good area and asked why they were not
able to pay debt service. Mr. Archer stated that the highest concentration of public housing in
New York is in the Rockaways. Directors Adams and Miller noted that it is a poor area and has
been a problem for many years.
A discussion then ensued regarding the prudence of recapitalizing and it was established
that there would be new management brought in as well as oversight of the project by the City.
Director Adams stressed the importance of ESD interacting with the local and elected
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