On Tuesday, two banners arrived on the upper floors of 37 Avenue B at East Third Street... the Lower East Side People's Federal Credit Union (LESPFCU) is the retail tenant ...
The hand-painted sign on B reads "Save Our Home/Salva nuestros hogar" ...
... while the banner on East Third Street reads "LESPFCU do the right thing, save our home" ...
This is a continuation of an effort that the residents of the 37 Avenue B HDFC started last June.
HDFC board members released a statement reiterating their version of the situation.
The residents of 37 Avenue B HDFC are calling on the Lower East Side People's Federal Credit Union to pay their fair share or move out. Their building is broke because the Lower East Side Peoples Federal Credit Union, which occupies the 5,000 square foot commercial space rewrote their own lease in 1996 to skip paying future mortgage payments, and real estate tax increases.
They saved $350,000 due under the original lease and the HDFC building is FLAT BROKE
We have to borrow money to pay the real estate taxes or lose the building. The building needs at least $400,000 in necessary capital improvements but there is no money even for basic repairs.
According to the board members, the Credit Union has refused to accept responsibility for the situation. The Credit Union pays $3,478 a month for 5,000 square feet. The HDFC says the market rate is $15,000 per month.
Credit Union officials have yet to comment on the situation at 37 Avenue B.
H/T Stacie Joy!
Previously on EV Grieve:
At 37 Avenue B, residents want their Credit Union retail tenant to pay more rent