Recent Events – Past Meetings
We held our second NYC REIC All-Member Meeting on September 28! We gathered at Middle Collegiate Church to hear impressive report backs from our summer workgroups. (see more below)
Before that, we had an All Workgroup Meeting on September 21 at the Sunview Luncheonette in Greenpoint. We prepared for the All-Member Meeting, discussed more lateral cooperation between workgroups, and made time for some social interaction.
The Public Buildings Inventory Group met on September 22 at the New York Camera Club on Baxter St. in Chinatown to prepare for the All-Member Meeting.
SAVE the DATES!
First All-Coop Decision-Making Meeting on January 28, 2016, from 6:30-8:30 p.m.
Stay tuned as the governance workgroup establishes bylaws, policies and procedures for making choices in preparation for this important date. Please come to the October and November meetings in preparation for this important All-Member Meeting.
NYC REIC – presentations at other events
NYC REIC member Rafael Jose presented the NYC REIC to members of cooperatives at the Center for Family Life in Sunset Park on October 2.
Paula Segal was at the Social Capital Markets conference on October 8, part of a panel called “Real Estate and Displacement: Ownership = Destiny,” talking about how we are trying to link investment, the built environment and radical cooperative democracy.
Risa Shoup and Caroline Woolard spoke about NYC REIC at the MAS Summit (NYC) on October 22, 2015.
REIC Updates
Until the All-Member Meeting in January, our Interim Facilitation Team will be working with Governance and other workgroups to take on (1) Membership development; (2) Board/Council development; (3) Managing relationships with other organizations (endorsers, fiscal sponsors, our bank, potential seed funders); and (4) Defining a meaningful structure for building the cooperative. We’re the folks rotating answering the email at info@nycreic.org. There are ten of us and we are doing our best. Feedback always welcome!
Once the cooperative agrees upon a formal governance structure for the NYC REIC, including an empowered leadership group like a Board or Council, the cooperative will operate according to that structure. For example, the interim facilitation team will explore opportunities for investment with the support of member workgroups and will form relationships that will expand our opportunities, but it will NOT make decisions about what particular investments to make. The investment cooperative will make those decisions through the governance structure we design and implement in 2016.
Governance
The Governance Workgroup is forming to carry the NYC REIC from the existing, informal structure toward one that is truly cooperative.
The Governance Workgroup held a preliminary meeting on October 7, 2015 with our legal support providers at Brooklyn Law School’s CUBE clinic to ensure that they are primed to support the workgroup’s work leading up to the All-Member Meeting in January. We have a lot of work to do before then, and the more members who want to join this workgroup the merrier. Please attend the All Workgroup meeting if you are interested in joining this or another workgroup.
Potential Properties
While we are setting up intake processing for potential tenants and potential buildings to invest in, please send your tips to info@nycreic.org.
There was a NYC Landmark Preservation Commission Hearing on one of the properties identified by the Public Building Inventory Group (PBIG) on October 8: the Coney Island Pumping Station on Neptune Avenue. Members of the NYC REIC were there, testifying in support of the building receiving Landmark status. Click here to see the Landmark’s Commission’s fact sheet on the building. More information and NYC REIC member notes about the property are here. The Landmark Preservation Commission should make a decision in early 2016, and the NYC Landmark Preservation Commission will be directly in touch with us.
September 28 All-Member Meeting
We heard reports from representatives of 5 member-run workgroups: (1) existing precedents for our project in case studies, (2) ways to work with institutional investors, (3) acquisition of vacant public buildings, (4) strategies for vetting investments, and (5) ongoing art & outreach. We also discussed our emerging governance structure, reviewed the principles of cooperation, and read our draft investment criteria. You can see the slides from the event here. A video is coming soon. Thanks so much to NYC REIC member Keith Harrington for livestreaming the event so that our friends at the Oakland Community Land Trust and the Sustainable Economies Law Center could watch!
Become a Member of NYC REIC:
There are 4 requirements for active membership in NYC REIC:
(1) Reading and signing the member agreement;
(2) Contributing a membership fee of $10;
(3) Attending a quarterly All-Member NYC REIC meeting;
(4) Endeavoring to conduct membership in accordance with the principles of cooperation.
Real Estate Investment 101 Now Online!
Want to understand the nuts and bolts of property investments? The September REIC Real Estate Finance 101 class taught by Moses Gates was filmed and uploaded to our Vimeo account in 20-minute segments. Here they are:
Check out our Calendar:
We maintain a Google Calendar with all workgroup meetings. Please add this to your gCal, or look at http://nycreic.com/meet to stay updated with our meeting times:
Please Help Cover our Current Operating Expenses!
You can support REIC’s development by making a charitable donation during this incubation period for very basic expenses, like the monthly charges that must be paid to circulate this e-newsletter. Please contact us at info@nycreic.com if you’d like to make a charitable contribution (not an investment) during the incubation period of the NYC REIC.
REIC Learn and Share
What the REIC? Check Out Our Video:
Please take a minute, literally, to check out this amazing video that NYC REIC members produced to explain the REIC in under 60 seconds, and share widely.
Stay connected:
If you add reic4nyc@gmail.com to your email contacts, this newsletter will come directly to your primary inbox instead of your promotions inbox or your spam folder. Also, if you’re interested in helping with this newsletter, please drop us a line at reic4nyc@gmail.com.
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Learn more online: http://nycreic.com
Come to a meeting: http://nycreic.com/meet
In Cooperation,
New York City Real Estate Investment Cooperative
Copyright © 2015 NYC REIC, All rights reserved.
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