Information for All 425 East 86th Street Stakeholders!
This website is intended to provide useful information about the 425 East 86th Street, a co-op located in Yorkville on East 86th Street between 1st Avenue and York and the surrounding neighborhood. It is not supported or endorsed by the 425 East 86th Apartment Corp, its board or management company in any way.
This site provides a wide rage of information about this wonderful New York City pre-war building. Topics include:
- building background information,
- environmental concerns,
- financial disclosure and governance concerns, and
- recent shareholder litigation.
We believe all information on this site is accurate. Please advise is of any potentially incorrect information and we will promptly address those concerns.
- Most Recent court filings: Reply Affidavit and Reply Memo of Law
- DoB Façade Violation Notice (May 2019)
- PHA shareholder value update :
- In Summer 2020 we had a valuation on the apartment done by a well respected and accredited firm.
- The results of the valuation are that due to the Board’s litigation strategy and court filings apartment PHA has NO MARKET VALUE ($0)
- The Board, in their successful litigation filings, are forcing us to enter into a construction project on the terrace. We applied for a mortgage to help pay for the project. Although we were pre-approved for a $1,000,000 mortgage , unfortunately, the bank will not allow us to use any shares in 425 East 86th Street as collateral.
- We are also unable to get business loans due to the Board’s litigation filings.
We have a very large investment in 425 East 86th Street. We have no desire to harm that investment. However, 1) we are making this disclosure only after exhausting internal options; and 2) we believe the way to improve any organization is to identify potential problems and address them. Sweeping problems under the rug only allows them to grow. Admittedly, admitting mistakes and rectifying them may be uncomfortable. In the long-run, however, it is the best path for increasing shareholder value.
We believe all information on this website is both accurate and in the public domain/non-privileged. If there is reason to believe otherwise, contact us at: firstname.lastname@example.org and we will work to promptly evaluate the concern(s) and make any appropriate change(s).