Newsletter #124    Acrobat file    Return to archive    Newsletter #126

The board met on June 6, 27 and July 18. There was an information meeting for shareholders on June 7, 2000. Among the issues discussed:

GARAGE LEASE TERMINATION INFORMATION MEETING

About a dozen shareholders came to the June 7th meeting. Attorney Andrew Brucker and accountant Steve Lyons, CPA, both discussed the issues with the shareholders. Andrew Brucker is the co-op's attorney. Steve Lyons is a partner in the co-op's accounting firm, Marin and Montanye. (For a summary of their presentation, please see the attached Agenda, which was handed out at the meeting.)

GARAGE LEASE TERMINATION VOTE JUNE 27

About a dozen shareholders came to hear a speech by Ken Newman's attorney, Dale Schreiber from Proskauer Rose. Once again, Steve Lyons, CPA was present to answer questions. Attorney Ted Poretz was invited by the board to talk to the shareholders. Ted won the Darnet appeal (136 East 56th Street Owners, Inc. v. Darnet Realty Associates) a few weeks ago. This case is similar to the circumstances at 350 Bleecker Street. Ted won the appeal for the shareholders. A copy of the board's complaint to the New York State Attorney General's office (attached) was handed out.

The shareholder vote was 87 apartments for termination, none against.

On July 10th, the board sent the Sponsor, Ken Newman, the official Notice of Termination required by federal law. The Notice is (attached) to this Newsletter. Under the law, the Sponsor has 90 days after the Notice to abandon his claim to the garage portion of the commercial lease.

The board delayed sending the Notice of Termination to allow 4 attorneys from 3 different law firms to check on the co-op's legal position, including whether the two-year window for termination was still open. All 4 attorneys (Andrew Brucker, Bob Fass, Walter Goldsmith, Ted Poretz) agreed that the requirements of the federal law were satisfied.

REFRESHMENTS

The board thanked Marylou Moravec for the refreshments served at the June 7th and June 27th shareholder meetings.

LEGAL FEES

The board voted unanimously to hire Walter Goldsmith and Bob Fass to handle the complaint to the Attorney General. The fee was $2,540.The board also voted unanimously to hire Walter and Bob to issue the Notice of Termination, as well as handle some expected legal work after that. Their refundable retainer was $15,000. In other words, should their work hours add up to less than $15,000, they will refund the difference to the co-op. If their work hours add up to more than $15,000, the co-op will pay the difference.

MOVING IS NOW EASIER

After the garage discussion at the shareholder meeting on June 7th, there was a short break for refreshments and the shareholders and board members discussed other issues. Alison Grant suggested that the co-op buy some equipment to make moving easier. The board voted unanimously to buy a dolly with handle, a large plastic tub on wheels, and a carpeted luggage cart. If you'd like to borrow any of these items, please contact Rifat Otovic, Lobby G, (212) 989-1565.

CONSTRUCTION

The board voted unanimously to hire Mark and Peter Seiden, experienced construction attorneys, to amicably resolve all open issues with the contractor, AM+G. Several weeks after this decision, construction started up again.

The new brick will not match the color of the old brick because the old brick is no longer made. The new brick will be stained to match the old brick. For staining details, see www.Nawkaw.com.

Everyone would like to know when the construction work will be completed. Unfortunately, the contractor cannot commit to a specific date since unanticipated hidden conditions may still exist. For example, until all the planter walls are demolished, the foundation cannot be examined completely.

WHY DID THE PLANTER WALLS FAIL?

Bricks walls of this type generally have 2 layers, an inner brick wall and an outer brick wall. The 2 layers are usually tied together, using metal wires (trusses) or by placing bricks 90 degrees between the layers (the end of the brick can be observed in addition to the side of the brick). Furthermore, a device to prevent water seepage between the layers is usually used, towards the top of the wall. Additionally, the bricks at each comer of the wall are usually interleaved.

None of these 3 methods was used consistently when the largest planter wall was built.

The new wall uses all 3 methods to enhance stability, in addition to stainless steel rods placed vertically. The old wall had no steel reinforcement of this type.

THANK YOU, JANET COOK

Everyone on the board thanked Janet Cook for her work as a board member. Janet resigned from the board by selling her apartment.

KEITH HUTCHINSON ELECTED

Due to the vacancy created by Janet's resignation, Keith Hutchinson (4U) was elected unanimously by the remaining 6 board members. Keith's e-mail address is Keith.Hutchinson@worldnet.att.net. His phone number is (212) 229-0536.

350BLEECKER.COM LAUNCHED

Laura Herbert launched the web site. The site has color pictures of the roof garden, every Newsletter issue, and a lot of other useful information. It will be updated approximately once a month.

Many forms are included on the site, including:

• Apartment Access
• Alteration Agreement
• Maintenance Requests
• Purchase Application
• Sublet Application

Anyone can use the site to send e-mail to any board member.

FINANCIAL STATEMENT

Marylou Moravec's (Treasurer) monthly statement is attached.

Mark Lilien's e-mail address is now marklilien@juno.com.

PLANTERS ALONG BLEECKER STREET

Mark Lilien and Marylou Moravec made a midnight run to Home Depot to get 35 barrels to help save selected plants, since the contractor needed to remove the plants and dirt. Rifat Otovic made a midnight run to Home Depot to get extra dirt and peat, and deposited the plants in barrels in the back yard. Unfortunately, certain plants could not be saved, because they were too large to put into barrels.

GARDEN

Have you sampled the 350 Bleecker produce? Among this year's crop, already ripened: blueberries; strawberries; peaches; mushrooms; raspberries; and basil. Some figs and apples appeared in the back yard, but they are still immature.

MANAGING AGENT SEARCH

Ken Newman's contract ends early in 2001.To effect a smooth transition, the board anticipates signing a contract with his replacement well before then. If you have suggestions on this subject, please contact any board member.

EXERCISE ROOM

Laura Herbert took care of purchasing the new treadmill in the Exercise Room. Jack Katz purchased a new recumbent bicycle, which will be delivered shortly.

Two pieces of equipment require repairs, yet the respective manufacturers cannot supply the parts at a reasonable price: a Tunturi recumbent bike and a Cadence treadmill. These 2 items are now stored in Rifo's workshop and will be thrown out by August 7 if not claimed before then.

BUYING OR SELLING AN APARTMENT?

Just call, write, or e-mail Mark Lilien (3E) and it will be added to the Newsletter.

DENTAL INSURANCE

The board unanimously voted to cover the full-time staff and their families. The cost is approximately $2,800 annually.

LAUNDRY

The card machine now accepts both new and old style $5, $ 10, and $20 bills. It no longer accepts $1 bills.

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350 Bleecker Street Apartment Corp.
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