Information for All 425 East 86th Street Stakeholders!
This website is intended to provide useful information about 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 range 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 us of any potentially incorrect information and we will promptly address those concerns.
- SHAREHOLDER VALUE UPDATE – Recently renovated Apartment PH-A appraised as having no fair market value
- In Summer 2020 we commissioned a well-respected real estate appraisal firm to conduct an in-depth valuation of the apartment.
- The valuation concluded that as a result of the Board’s actions, apartment PH-A has NO FAIR MARKET VALUE ($0)
- The Board, in their successful litigation filings, is forcing us to enter into a major 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.
- Most Recent court filings: Reply Affidavit and Reply Memo of Law
- DoB Façade Violation Notice (May 2019)
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).