Leading the Way: Board President Peter Morello, 665 Thwaites Pl.

Describe your building and its residents.

We have a super who is a resident here, and we have two porters. And that’s for 135 units, because we have some commercial units. There’s 132 co-operators. Most of the shareholders are black and Hispanic. When I first moved in, it was mostly Jewish people. This is the Pelham Parkway area, and for decades this area was immune to a lot of changes, but now things have changed. This was not one of the areas that was burning in the Bronx; we were immune from that. But people have died and moved on, and their children no longer live in the city. So, it’s a different mixture of people today.

During your board tenure, what has been the biggest economic surprise you have faced?

We’ve had ongoing waterproofing issues throughout the years. It seems like every year we have a new round of waterproofing. We’ve gotten a handle on it now, but it’s been extremely expensive. When the building first became a co-op in 1985, it did a big waterproofing project. We’re now at the point where a lot of it has to be redone. It’s just the natural aging of the building.

Are there any big projects going on now?

Currently we’re engaged in a solar panel project that’s helping to pay for a new roof, which we needed. That’s an exciting project that’s going to be starting this summer. That would’ve been unthinkable many years ago, but here we are today.

How is paying for your roof replacement tied to solar?

A company is renting our roof to put solar panels on it. The company’s giving us $150,000 up front, and we’re getting a $120,000 property tax abatement over four years. The upfront payment helped to offset the cost of the new roof and parapet work, which was around $600,000. 

Looking forward, what do you see as your biggest economic challenge?

I think it’s going to be honoring the Climate Mobilization Act. We hope next year to get a hot-water generator system, taking pressure off our main boiler. And down the road, probably on the next refinancing, I’d like to replace the windows.

Peter Morello

Board president (14 years)

665 Thwaites Pl., Bronxdale, Bronx

Years of board service: 27

Type: Co-op

Units: 135

Buildings: 1

Year built: 1962

Operating budget: $1.25 million

Current assessment: No

Maintenance increase: 2% in 2022

Property management: Anker Management 

Accountant: Bloom & Streit 

Attorney: Khan & Goldberg