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A Jackson Heights co-op just borrowed $22 million, $7.6 million of it to fix the facade. Here’s why your maintenance goes up either way.

Southridge Cooperative in Jackson Heights borrowed $22 million to fund facade repairs and avoid penalties, raising maintenance fees for shareholders—a financial reality facing aging co-ops across Brooklyn and Queens.

A Jackson Heights co-op just borrowed $22 million, $7.6 million of it to fix the facade. Here’s why your maintenance goes up either way.
Photo by Henry Miller for Bushwick Daily
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If you own in a co-op or a condo, this Jackson Heights story is a preview of a bill that may be coming for your building. Southridge Cooperative’s Section 2 just refinanced its underlying mortgage for $22 million, using the money to cover $7.6 million in facade repairs and to build a financial cushion.

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