Park Reservoir Co-op Finalizes Break From Amalgamated as New Management Takes Over

Park Reservoir co-op shareholders are under new management after what was for some a years-long struggle to split from Amalgamated Housing. 

Additionally, a new board member was elected on Nov. 14.

One million dollars in capital project funding was also recently secured by Assemblymember Jeffrey Dinowitz.

Faced with rising maintenance fees and little improvement to the buildings’ conditions, some tenants believed their funds were being mismanaged by Amalgamated, and serious efforts to make change began about three years ago.

Longtime tenant Linda Weinberger, also a member of the Park Reservoir Shareholders Association — a nonprofit created by tenants in 2022 to address issues with management — said the shift was sudden.

“We broke away cold,” she told The Press. “There was no smooth transition to the new management.”

The process gained momentum last October when six new board members were brought on. About two and a half months ago, Summit Property Management Services took over. And last week, all nine seats of the board were finally filled.

A total of 90 votes were tallied — 78 of them absentee — meeting the requirement for a quorum. Carlos Castillo and Murray Citron were re-elected, and Jacqueline Mylie was newly elected.

Weinberger said under the former board, tenants didn't feel seen.

“When you voiced an opinion, it fell on deaf ears,” she said. “Nothing ever changed. We were just told this is what’s going to be — and that’s how it was.”

Amalgamated is a limited-equity housing cooperative — the oldest in the nation — designed to give low- and middle-income tenants the opportunity to own a share in the building. A monthly carrying charge is paid based on income.

Park Reservoir was managed by Amalgamated as its sister co-op. Unlike Amalgamated, Park Reservoir is a Mitchell-Lama development, which is a government program that also provides co-op housing. With three buildings and 273 units, it is less than a fifth the size of Amalgamated, which has 1,500 units.

Usson Bryant, Park Reservoir’s new property manager, said Summit is working to address concerns tenants have raised, such as maintenance response times. It has provided three porters and is in the process of hiring a security guard.

“The biggest thing is obviously coming into a new space — completely new staff, completely new set of players,” Bryant said. “Ultimately, we’re heading in the right direction.”

The money secured by Dinowitz will go a long way toward completing improvement projects, Bryant added. 

There is no clear timeline yet for when the $1 million will become available.

This article has been updated for clarity and accuracy.