Parkway Village - Kew Gardens Hills (Hyde Park, Glen: for sale, apartments, coop)

[Loke]

I found what seems to be a perfect neighborhood for my family with a 2 year old baby in Parkway Village in Kew Gardens Hills. It looked kind of worn down, but hey, nothings perfect. And if it was perfect, the price wouldn’t. Then the monthly maintenance question, over 1000$ a month? Hmm. When I asked the brokers why it was so high, I just got politician answers back.

Then I found something online in a different forum,

“Anonymous said...In response to your question about buying an apartment here let me tell you that I live here and 5 years ago when I moved in the coop had a mortgage with Chase Bank of around 15 million dollars. It still is around that amount and the current board is negotiating a 40 million dollars new mortgage to pay back the original mortgage (including a 4 million pre payment penalty) and the rest to pay for a new heating system for the property.
The idea is that eventually, the savings provided by the new heating system will pay for this massive loan but that is a big unknown. This mortgage will be an interest only loan for the first 10 years. After 10 years if they only pay interest, the property will still hold a 40 million dollar debt.
In my opinion this will be a very risky move if you decide to move here. Maintenance is going to increase for sureOn the other hand, there is a move to sell the property to developers and that will be a chance to make a lot of money if it materializes in the future."

Can anyone please confirm this or have any information about this area.
Thank you.

[Loke]

I guess no one knows, just great

[Rachael84]

Sorry, I guess no one does know. I did a search for this Parkway village after seeing a unit for sale that I was interested in and I found this topic. I saw a couple articles that didn't sound so good about it. Like the risk that it won't be coops anymore or something, asbestos problems they were sued for, etc.

[parkwayresident]

I've been at parkway village for over 5 years and I feel that most people do not have the correct impression of Parkway Village. It is truly a hidden gem in Queens... so different from every other co-op I ever visited. I am not saying that it does not have its problems, but I can vouch for many of my neighbors who live here, that we love living in Parkway Village and we do not want to leave or sell to developers. Parkway Village is on approximately 40 acres of green parkland with only about 16% of the land allocated towards 2 to 3-story colonial buildings. Many of the ground floor apartments have exclusive rights to their own backyard plus every resident has access to the numerous common grounds, laundry rooms, and playgrounds within the village. There is no issue finding parking and easy access to public transportation makes it a very convenient location. Plus, there is a very pet and kid-friendly atmosphere and a suburban ambiance in Parkway Village.


As for the asbestos problem, one of the more common structural materials used at the time of construction was asbestos. Asbestos was used in nearly all aspects. Just to name a few, Bell Parks Garden Co-op, Glen Oaks Village Co-op, Co-op City in the Bronx, and Carlyle Towers have all had its share of problems with asbestos. For the record, Parkway Village will complete a full-scale asbestos removal job while installing a new heating system. We are not the only Co-op village to do so… many other co-ops including Hyde Park Co-op, have installed new heating systems and have persevered.

At this moment, we are making improvements to our co-op for a better and thriving future. For more information, visit: [URL/]

[parkwayvillage]

I have been living in Parkway Village for over 5 years and I like to live here but the problems that the coop has could be overwhelming.
The old heating system needs replacement and the actual board of directors have chosen a system that will cost 15.000.000 dollars plus. They have to pay the existing mortgage with Chase Bank of around 15 million plus a prepayment penalty of 4 million. The clean up of the asbestos in the basements and crawl spaces will add another 1.5 million They settled with the government to pay 490.000 dollars admitting guilt in a federal investigation done in 2006 regarding improper disposal of ACM's (asbestos)
Altogether the board would like to get a balloon loan of 40 million dollars that will never be repaid.
This is an enormous amount of money for this coop and it is simply a complete irresponsibility of this board to contemplate this loan.
They are not saying how they will plan to pay this when the coop is already owing the Hess Oil company more than 600.000 dollars and when the reserve fund is depleted.
The arrears of the coop are at an all time high and growing.
The place could very well be considered for sale to developers as the only alternative.
Parkway Village is worth hundreds of millions of dollars and everybody knows it.
The sell option could net shareholders a lot of money.
In the meantime an alternative heating system has to be implemented perhaps using various systems and using the existing system a bit longer.

[parkwayresident]

As residents of Parkway Village, it does not suit us to take a pessimistic approach to the condition of Parkway Village. I’m not saying that we cannot be wary of our co-op’s decisions but we have to try to be part of the solution or if not we end up being part of the problem. By this, I mean that we should avoid spreading more negative feedback that could be detrimental to our co-op’s future. Instead, as residents, we should try to come up with ideas or solutions that our board members could implement to help Parkway Village save money or even generate more funds.

Yes, due to all the necessary repairs, fees, and payments, we are in the process of entering into a multimillion dollar mortgage agreement. However, this will hopefully help us create financial stability for the future. By contrast from most co-ops in queens, Parkway Village presents more of a challenge since it is comprised of 675 units spread over 40 acres of lands. That’s what makes us different and more appealing than other co-ops in the same area.

I’m sure that Parkway Village would be enticing to developers, not to mention, St. John’s University and Queens College… who both would probably be the first to put a bid in for the land to expand their campus on our grounds. However, I feel that it is a privilege and an opportunity to be able to live in a co-op that embraces such a suburban aura. To be able to step into my backyard to barbeque during the summer, take a walk in the middle of the village while watching the children play in the open park-like space, watching people run at night or walking their dogs around the village, or just leaving my backdoor open to allow for a breeze into my apt. is priceless, really.

Not too many other co-ops could attest to this type of atmosphere. I guess it all depends on a person’s priority. To me, this type of experience is only possible in the suburbs. But being able to live like this in Queens, with such a close proximity to Manhattan and to the nearby shopping, transportation, and restaurants around Queens Blvd., just makes Parkway Village a great place to live. For these reasons, I think it’s definitely worth it to try to improve and strengthen Parkway Village.

[parkwayvillage]

Exactly, it all depends on each person. I agree that Parkway Village is unique and a great place to live but like many old places sometimes it is not worth it to fix it. Parkway Village's other asset is the land. The location is superb because of all the things the previous resident stated plus proximity to our two airports. If and only if shareholders were offered a good price for the property (many times the market value of their apartments) I think that the possibility should be explored.

[Marty Guttman]

Parkway Village has a rich and varied tradition. It was originally built for UN staff. It was built, by the firm that designed the Waldorf Astoria Hotel and Grand Central Terminal, to maximize green space to be enjoyed by all of its residents. As has been previously noted the heating system needs replacement. The original, which is from a central plant, pushes steam out to its 34 acres. It is laden with leaks and is terribly inefficient. On a per unit basis Parkway pays 2 to 3(that is 200-300%) times the average heating costs to similar garden apartments in the area. Because of the leaks in the system, which obviates the need for continuous replacement, our water usage is nearly double the average as well. The new system, expensive as it is, will bring actual savings to the shareholders both short-term and long. The inefficiencies of the current system should lead to huge savings as residents, for the first time, will be able to control the heat. As a (32 year) resident I know that my unit will use far less fuel than is in use currently. In addition there will be significant government rebates that will soften the blow particularly if the cost of fuel continues to increase.

Parkway is one of the jewels of Queens. It must be experienced to be understood. I wish I had seen this post before this past Saturday when we had our yearly Fair. I would have invited all interested folks to visit.

[pv owner]

Run as fast as you can and don't look back! I have been trying to sell my apt for one year and have not had one offer. Maintenace is 3 times higher that surrounding areas and it looks like 'the projects' . Here are some comments i have recieved for not wanting to buy in parkway village.

I need to get Board approval to live like this?
Doesn't management care what Parkway looks like?

Parkway's few photos on Mod cut: no competing sites doesn't show the whole story, this place is
the worst looking co-op we've ever seen.

Even with your subsidizing the 1st year's maintenance I wouldn't want to live here
with unsightly views of garbage everywhere & so many run down apt. entrances,
it's too depressing.

We don't want to live in a co-op that gets its heat from a truck.

I don't want to live near neighbors who keep their yard looking like a pig pen.
Are there welfare people living in Parkway?

We can live better in other co-ops which have much lower maintenance, the cost
of living here would be too much for us.

A doctor who works at Queens General said, "Parkway isn't a safe environment in
which to raise my young children what with the boiler truck fumes, asbestos in the
buildings, toxic mold, and the many steam geysers we saw. I'd rather pay more
to be safe, I've treated several Parkway people who complained of respiratory
ailments."

[Henna]

Originally Posted by pv owner

Run as fast as you can and don't look back! I have been trying to sell my apt for one year and have not had one offer. Maintenace is 3 times higher that surrounding areas and it looks like 'the projects' . Here are some comments i have recieved for not wanting to buy in parkway village.

I need to get Board approval to live like this?
Doesn't management care what Parkway looks like?

Parkway's few photos on Mod cut: no competing sites doesn't show the whole story, this place is
the worst looking co-op we've ever seen.

Even with your subsidizing the 1st year's maintenance I wouldn't want to live here
with unsightly views of garbage everywhere & so many run down apt. entrances,
it's too depressing.

We don't want to live in a co-op that gets its heat from a truck.

I don't want to live near neighbors who keep their yard looking like a pig pen.
Are there welfare people living in Parkway?

We can live better in other co-ops which have much lower maintenance, the cost
of living here would be too much for us.

A doctor who works at Queens General said, "Parkway isn't a safe environment in
which to raise my young children what with the boiler truck fumes, asbestos in the
buildings, toxic mold, and the many steam geysers we saw. I'd rather pay more
to be safe, I've treated several Parkway people who complained of respiratory
ailments."

And you think posting these comments here is going to help you sell your unit that has been on the market for a year? I don't understand this "logic."