Con Edison Media Relations
Contact: Chris Olert
Telephone: (212) 460-4111
For Immediate Release: October 1, 2002
CLASSROOMS TO CO-OPS: CON EDISON'S RENAISSANCE HOUSING PROGRAM
NEW YORK -- An abandoned Brooklyn high school will be transformed into 29 co-ops for residents of the Williamsburg area. It is the 88th conversion sponsored by Con Edison's RENAISSANCE Housing Program.
Paul Draskovic and Michael Mendillo are the development team converting the former All Saints High School into 29 moderate-income co-ops for parishioners of the Williamsburg church.
This conversion is the first Con Edison RENAISSANCE Housing Program based on a secured master lease. This program is expected to provide long-term cash flow for All Saints parish. It is becoming a model for other religious institutions searching for ways to invest in their under-utilized properties. The former All Saints high school has been vacant for 20 years.
Con Edison's RENAISSANCE Housing's role includes helping to secure a $4.2 million loan from Independence Community Bank and Citibank, and assembling the development team.
Rev. Donald Kenna, pastor of All Saints, will join Con Edison representatives and the developers at a ground-breaking ceremony at 1 p.m. on Thursday, Oct. 3, 2002, Whipple Street between Throop Avenue and Broadway.
Since 1978, the Con Edison RENAISSANCE Housing Program has completed 2,246 co-ops and/or condos in 27 city neighborhoods - more than half in Brooklyn. The program has generated more than $178.8 million in new private-sector investment.
Con Edison is a subsidiary of Consolidated Edison, Inc. [NYSE: ED], one of the nation's largest investor-owned energy companies, with approximately $10 billion in annual revenues and $17 billion in assets. The utility provides electric, gas and steam service to more than three million customers in New York City and Westchester County, New York. For additional financial, operations and customer service information, visit Con Edison's Web site at www.coned.com.