Dear NYC REIC Members,
With a little bit of delay, but chock full of information,
the latest REIC (say R-E-I-C) newsletter is hot off the virtual press.
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!
Upcoming Events & Future Meetings
Shape our cooperative! Workgroups act as key organs for member control of the activities of the NYC REIC. Currently, there are 62 active members in five workgroups. If you want to help shape the NYC REIC’s future, join one! If you are interested in what the current Workgroups do, how they will transform over the fall and winter, and want to join a Workgroup, please come to the All Workgroup Meeting this Thursday on October 15, 2015 (in 2 days), 6:30-8:30 -
Geraldo’s Café, Ground Floor
Brooklyn Law School, Feil Hall
205 State St, Brooklyn NY 11201
Feil Hall is 4 blocks from the Borough Hall stop on the 2/3/4/5 lines, and 7 blocks from the A/C/F lines
Governance Workgroup will host a reporting meeting and present a draft governance proposal to the membership on November 18, 2015, 6:30-8:30pm at Judson Memorial Church, 55 Washington Square South. Come ask all your questions about bylaws, policies, and procedures for creating a board and soliciting member input as we make choices as a cooperative. If you want to steer the REIC, join the Governance Workgroup to help shape the plan we will implement together in January 2016.
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 will speak about NYC REIC at the MAS Summit (NYC) on October 22, 2015.
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 email@example.com. 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.
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.
While we are setting up intake processing for potential tenants and potential buildings to invest in, please send your tips to firstname.lastname@example.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.
NYC is having its first municipal surplus real estate auction in two years on October 28, 2015. Auction details are here. NYC REIC members will be attending - join them! One property identified by the PBIG as a potential community resource is in the auction and will have a walk-through in mid-October: the former Department of Heath building below. Click here for more photos and NYC REIC member notes about the property.
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 email@example.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.
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New York City Real Estate Investment Cooperative