Trending

Co-op City shareholders suspend management firm

Marion Scott Real Estate accused of failing to correctly insure the massive Bronx complex

Co-op City in the Bronx
Co-op City in the Bronx

Shareholders of Co-op City have suspended management company Marion Scott Real Estate from operating the 15,000-unit Bronx residential complex.

The board of directors of RiverBay announced this week it had taken over day-to-day operations. The directors claimed that Marion Scott mishandled its duties, failed to correctly insure the complex, and negotiated contracts without approval from RiverBay. 

Sign Up for the undefined Newsletter

RiverBay has also requested that the state investigate its charges against the managing agent.“These acts of misconduct will not be tolerated,” Cleve Taylor, president of RiverBay, said at a public meeting, according to the New York Daily News. “The board has taken action.”

In February, Co-op City workers filed a class action lawsuit against the complex, alleging they are owed around $5 million in back pay, as previously reported. [NYDN]Mark Maurer

Recommended For You