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NOTABLE
ACHIEVEMENT:
Because of the hard work and determination
of Steve Greenbaum, a bankrupt co-op found a new lease on life.
At 85 Eighth Avenue, a 118-unit co-op,
a receiver was appointed to avoid bankruptcy. Part of the workout was to hire a competent management
firm. Prior to the bankruptcy, a botched window installation left roughly 20 units' windows incomplete
and an outstanding bill of $60,000.
Enter Steve Greenbaum. He assessed
the value of the windows not installed and offered to pay the contractor $25,000 in exchange for
satisfaction of the lien. He then had other contractors properly install the windows.
Greenbaum resolved problems and saved
money in other ways: he was crucial in signing the building onto the city's low-flow toilet program;
refinancing the underlying mortgage at a favorable rate; using money from the refinancing to build
up the reserve fund; completely modernizing and/or replacing the two elevators, courtyard, roof deck,
lobby, and hallways.
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