Newsletter #104    Acrobat file    Return to archive    Newsletter #106

350 Bleecker Street Co-op Newsletter
March 18, 1998

The board met on March 10, 1998. Among the issues discussed:

CONSTRUCTION

The sidewalk bridge will be erected before the end of March, and masonry work will begin on the walls. Hours of work will be 8 AM to 5 30 PM. Workers will wear ID badges from M & G Construction. Unfortunately, this project will cause some inconvenience, {or which the board Budget Notes

Commercial rent and the additional rent are paid by the Sponsor, who collects rents from the stores and garage. The sponsor's lease expires 75 years after the building converted to co-op ownership in 1985. Additional rent includes a portion of real estate tax, utility, and all other operating expense increases except doorman. The 2% sales fee is paid by apartment sellers, although when the Unsold Shares are sold, no fee is paid. The 1aundTy revenue in 1997 was 100% to the co-op, but will be only 55% to the co-op for most of 1998. The bank dividend is from The National Cooperative Bank, who holds the $3.5 million mortgage. 350 Bleecker Street owns shares in the bank, so it receives dividends from time to time.

Real estate taxes are paid 25% on 7/01, 25% on 10/01, and 50% on 12/31. The City usually determines the tax rate during the summer, since the City's fiscal year ends 7/31. So the exact tax rate for 75% of the year's payments is an estimate at the time the budget is created. The vault tax, which was similar to a rent for the space we occupy beneath the sidewalk, was abolished. The mortgage interest declines and the mortgage principal increases each year, but the monthly combined payment stays level.

The boiler can burn oil, but we usually burn gas since it is cleaner. The lack of soot reduces the maintenance cost of the boiler and increases its reliability. The boiler is turned off during the nonheating season and a "summer boiler" (gas hot water heater) is used. The water and sewer payments fluctuate from year to year due to City billing errors and rebates granted for the installation of water-saving toilets and water meters.

The contractor promised to take down the sidewalk bridge by August 31, 1998 and finish the entire project by December 1, 1998. If he finishes late, he'll pay the co-op $500 for each day he's late.

The walls will be repaired first (painting, window sill replacement, etc.). The roof will be replaced after that.

Fred Hannaham, the co-op's engineer, will guide the project, with minor assistance from Alexander Neratoff (the co-op's architect) on Landmarks issues.

LAUNDRY

Fowler completed the laundry installation after 5 days of construction. Please leave comments or suggestions in work request box in mailroom or call Ken Newman's office. If you need a refund or want to report a broken machine, please call Fowler at (800) 334-1824.

LIBRARY

If you'd like to help organize the books in the exercise room library, please call Stephanie Phelan at (212) 620-0652.

PAY MAINTENANCE AUTOMATICALLY

Over 10% of the shareholders now pay their maintenance automatically each month. The advantages:

If you'd like to do this too, please call Jim Kafadar at (212) 645-2737 or slip a blank check under this door (6C) Write "automatically pay monthly maintenance" on the check, and "void" in the amount space. Then sign it.

SECURITY IMPROVEMENT

The video system (channel 77 for people with cable TV) now includes audio of the building foyer. This will help people who cannot easily understand the intercom, and will aid in the identification of intruders pursuing illegal activities. Otherwise, some shouting "help" may not be heard during non-doorman hours.

BUILDING OWNERSHIP AND CASH POSITION