Residents at 37 Avenue B are still looking for their 'fair share' of the rent from Credit Union

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" ...


[Reader-submitted photo]

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

At 37 Avenue B, residents want their Credit Union retail tenant to pay more rent

[Image via]

The residents of the 37 Avenue B HDFC are calling on the Lower East Side People's Federal Credit Union "to pay a fair rent or move out."

Board members released a statement last evening with their version of the situation.

Their building on Avenue B at East Third Street is broke because the 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.

While they controlled the board they made themselves a "rent­-stabilized" commercial tenant and have skipped paying over $350,000 due under the original lease.

Real-estate taxes have risen sharply since 1996 and over the past 19 years the building has been bled dry. In recent years the HDFC has had 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 isn't any money even for basic repairs.

According to 37 Avenue B residents, Credit Union officials have "refused to accept responsibility for the situation."

According to the latest National Credit Union Administration reports, over the past five quarters the Credit Union's net income was $1.25 million

The Credit Union pays $3,478 a month for 5,000 square feet on a prime corner on Avenue B. Market rate is $15,000 per month.

The Lower East Side People's Federal Credit Union prides itself on serving the low­-income community but treats these residents like they have no rights, in their own building. Now the residents say: You want to save Money. We want to save our Homes!

We'll update when/if Credit Union officials release a statement.