Town Hall Recap: March 28, 2026
What happened when shareholders got to ask questions.
On March 28, 2026, the Board held a Town Hall at the Kensington Community Room. It was well attended. Shareholders asked direct questions about the finances, the reserves, the gas restoration, the property manager, vendor oversight, apartment sales, and the tax abatement. Here is what was said, and what was left unanswered.
The Reserve Fund: From $20.4 Million to $167,000
Just seven years ago, Fordham Hill had $20.4 million in reserves. At the Town Hall, the Board acknowledged that the reserve fund is now approximately $167,000. That is a 99.1% decline.
On a ~$20 million annual operating budget, $167,000 in reserves is 0.8%. To put that in household terms: if your family earned $100,000 a year, this is the equivalent of having $800 in savings, all while carrying $270,000 in debt, needing a new roof, new plumbing, new electrical, and having three contractors on-site demanding payment.
Board Treasurer Juan Melgarejo acknowledged the situation directly: "The expenses are far outpacing the income that is coming into the community."
The Tax Abatement: Juggling Shareholder Money
The Board received tax abatement credits from the Department of Finance that belong to individual shareholders, including STAR, Veterans, and Senior Citizen program credits.
Instead of distributing these credits immediately, the Board decided to spread them over three months. Board Treasurer Juan Melgarejo explained why: giving shareholders their own money back all at once would make that month's maintenance collections too thin to cover operating expenses.
Think about what that means. The co-op's cash flow is so fragile that returning $100 to $300 per shareholder would destabilize it. This is not fiscal prudence. It is an admission of a financial crisis, and it means the Board is using your tax credits to float their operations.
When asked if this made sense, a shareholder responded: "No."
17 Questions, No Concrete Answers
There were 17 distinct instances where Board President Mbamelu deferred an answer, admitted he didn't have the information, or told shareholders to "come to the next meeting."
What is the new NYC law on application approval timelines? He asked the room: "Is it one week or one month?" and got corrected by the audience. It's 30 days.
Seventeen times in 88 minutes. That is one non-answer every five minutes from the person who is supposed to be leading this corporation.
What Was Said About the Disarray
Direct quotes from the Town Hall that highlight the extent of the financial crisis:
"The expenses are far outpacing the income that is coming into the community."
"We have a lot that's empty that costs over $100,000 in property taxes every single year. It's empty."
"The parking lot is shut down for years because we're in a legal battle."
"One of the biggest obstacles to selling apartments is that major banks in New York City will not finance buyers to purchase an apartment here because of our financial situation."
"We keep borrowing the funds and sticking it in a reserve fund, giving us a sense that, oh, we're doing so great. Look at all the money we have in our reserve fund when the reserve fund's already spent."
What Happens Next
17 questions were asked at the Town Hall. The Board answered none of them, only promises to "follow up," "look into it," and "get back to you."
That is not leadership. That is stalling.
Here is where things stand right now:
- $167,000 left in reserves, down from $20.4 million.
- $54 million in debt.
- Maintenance up 54% and climbing.
- Buildings without gas for months.
- A parking garage generating zero revenue.
- An empty lot costing you $100,000 a year in taxes.
And instead of addressing any of it, the Board spent your maintenance dollars printing notices attacking a fellow shareholder.
Every month without action costs you more.
This is why we need new leadership. Not next year. Now.