Ever wondered how a struggling 3,000-unit co-op transforms into a thriving community? Bob Friedrich, President of Glen Oaks Village, takes us behind the scenes of what host Geoffrey Mazel calls "the Glen Oaks miracle."
When Bob purchased his apartment in 1986, he discovered a co-op in crisis – deteriorating buildings, financial mismanagement, and defaulted loans. As a young accountant attending his first annual meeting, he recognized the severity of the situation when the treasurer couldn't answer basic questions about a $15 million loan. That moment launched his journey from concerned shareholder to board member to president, a position he's held since 1997.
The turning point came when Bob negotiated with federal agencies to forgive nearly a million dollars in arrears in exchange for ownership of hundreds of apartments. While some board members wanted to sell these units immediately for quick cash, Bob saw their long-term potential. Today, those apartments are worth approximately $90 million – financial foresight that stabilized Glen Oaks and created lasting prosperity.
Beyond Glen Oaks, Bob founded the President's Co-op and Condo Council, uniting over 100 co-op boards representing 100,000 voters to fight harmful legislation. He details the existential threats facing affordable housing today, from Local Law 97's unfunded mandates that could cost tens of millions to skyrocketing property taxes that have increased 58% since 2019.
What makes this story remarkable isn't just financial turnaround but community transformation. Bob's leadership created a professionally managed co-op with transparent governance, among the lowest maintenance fees in New York, and a vibrant community where families thrive. As he puts it, "Co-ops are affordable housing – where else can you purchase a one-bedroom unit that you own for $250,000?"
Whether you're a co-op resident or simply interested in how communities overcome challenges, this conversation offers invaluable insights on leadership, financial strategy, and preserving affordable homeownership in New York City.