Newsletter #125    Acrobat file    Return to archive    Newsletter #127

350 BLEECKER STREET CO-OP
NEWSLETTER 126
September 30, 2000

The board met on August 8 and August 15. Among the issues discussed:

WEB SITE IMPROVEMENTS

Laura Herbert added the building's House Rules, the Bylaws, the Offering Plan and all its Amendments, as well as the Proprietary Lease to the web site, www.350bleecker.com. When you sell your apartment, your purchaser can access the site for this information, instead of paying Ken Newman for a copy. You also list your apartment for sale on the web site. Just contact Mark Lilien and he will include it in the Newsletter and web site.

Furthermore, Laura added a Frequently Asked Questions section. This information is helpful when applying for a mortgage. If you need this signed off, ask any board member. All board members do this for free. Ken Newman charges $100 for this service.

APARTMENT RENOVATION

Whether a shareholder hires a construction contractor or does his/her own renovation work, any debris created is the responsibility of the shareholder. The Sanitation Department will not handle construction debris. The building staff cannot handle it, either. If you need to get a dumpster (they come in many sizes), please speak to Rifat Otovic before construction starts, to make suitable arrangements.

GARAGE TERMINATION NEGOTIATION

To do everything possible to avoid litigation, the board has been negotiating with Ken Newman. Several conversations have already taken place, but results so far have been inconclusive. If negotiation fails, then litigation is likely to start mid-October. Federal law allows for 90 days to elapse after the vote, before final termination of the garage portion of the lease can take place.

PLANTER WALL ALONG BLEECKER STREET

Along the top of the old wall was a piece of steel with a triangular ridge, known as a "loafer rail". A loafer rail creates discomfort to those who attempt to sit upon it, so people did not sit on the wall. Before the construction project is complete, this device will be installed again.

The construction is temporarily stalled while the contractor fabricates new air conditioning sleeves for the lobby apartments that face Bleecker Street.

350 Bleecker Street
Operating Results as of 7/31/00
Unaudited: Based on Managing Agent's financial statements
Month of July     Seven Months (Jan-July)
    Act O/(U)         Act O/(U)
Actual Budget Budget     Actual Budget Budget
        INCOME      
7,167 7,167 0   Commercial Rent 43,000 50,167 (7,167)
18,974 1,667 17,307   Additional Commercial Rent 18,974 11,667 7,307
60 1,083 (1,023)   Laundry Income 164 7,583 (7,419)
53 417 (364)   Interest Income 250 2,917 (2,667)
1,321 -     Dividend Income 6,185 - 6,185
- 108 (108)   National Co-op Bank Dividend 2,287 758 1,529
- 2,083 (2,083)   2% Transfer Fees 30,420 14,583 15,837
350 208 142   Sublet Fees 1,265 1,458 (193)
- 17 (17)   Late Fees @ $50 100 117 (17)
155 - 155   Bike Room Fees 455 1,400 (945)
- -     Storage Locker Fees 10,000 - 10,000
- 9,128 (9,128)   Assessment (53 cents x 17,222) - 63,894 (63,894)
72,631 80,082 (7,451)   Maintenance Fees ($4.65) 502,255 560,576 (58,321)
100,710 101,960 (2,570)   Total Income 615,354 715,119 (99,765)
               
        EXPENSES      
- - -   Real Estate Tax 70,226 147,500 (77,274)
- 167 (167)   NYS Franchise Tax 236 1,167 (931)
- 167 (167)   NY Corporate Tax 274 1,167 (893)
- - -   Loan Interest (6% to AM+G) - 2,000 (2,000)
22,346 24,403 (2,056)   Mortgage Interest + Principal 133,328 170,820 (37,492)
22,346 24,736 (2,390)   Total Taxes + Interest 204,064 322,653 (118,589)
               
263 292 (28)   Gas for Cooking 6,894 2,042 4,852
2,518 1,500 1,018   Electricity 15,227 10,500 4,727
- 667 (667)   Gas for Hot Water (Summer) 1,482 2,000 (518)
- - -   Gas for Steam Heat 5,329 14,000 (8,671)
57 50 7   Cable TV 354 350 4
- 1,667 (1,667)   Water + Sewer 11,377 11,667 (290)
2,838 4,175 (1,337)   Total Utilities 40,663 40,558 105
               
157 2,917 (2,760)   Insurance 25,129 20,417 4,712
4,083 4,125 (42)   Management Fees (Ken Newman) 28,583 28,875 (292)
3,358 2,083 1,274   Legal (excluding certiorari) 15,986 14,583 1,402
17,540 - 17,540   Legal (Garage Lease) 17,540 - 17,540
583 667 (83)   Accounting 8,153 4,667 3,487
42 83 (42)   Phone 491 583 (92)
33 200 (167)   Postage & Stationery 735 1,400 (665)
90 100 (11)   Printing 2,520 700 1,820
90 83 7   Licenses, permits, violations 1,383 583 800
176 667 (490)   Office expenses 909 4,667 (3,758)
- 54 (54)   Bank Charges 308 379 (72)
- 83 (83)   Dues & Subscriptions 548 583 (35)
- 25 (25)   Internet Site 150 175 (25)
211 - 211   Miscellaneous 276 - 276
- 83 (83)   Security System - 583 (583)
26,362 11,171 15,191   Total Administrative 102,710 78,196 24,514
               
11,656 13,750 (2,094)   Payroll 85,001 96,250 (11,249)
177 1,083 (906)   FICA Taxes 959 7,583 (6,625)
3,921 1,417 2,504   Medical 16,281 9,917 6,365
15,755 16,250 (495)   Total Labor 102,242 113,750 (11,508)
               
472 1,000 (528)   Boiler, Plumbing, A/C 13,583 7,000 6,583
- 208 (208)   Architect and Engineer 1,115 1,458 (343)
- 833 (833)   Janitorial Supplies 1,069 5,833 (4,764)
1,285 - 1,285   Building Supplies 4,566 - 4,566
677 883 (207)   Elevator 6,898 6,183 715
- 208 (208)   Electrician - 1,458 (1,458)
- 667 (667)   Windows 2,274 4,667 (2,392)
- 100 (100)   Intercom + Doors - 700 (700)
1,301 - 1,301   Landscaping 3,538 1,200 2,338
379 383 (4)   Exterminator 2,273 2,683 (410)
- 83 (83)   Exercise Room - 583 (583)
774 - 774   Repairs/Maintenance/Other 2,706 - 2,706
- 83 (83)   Painting, Carpet 223 583 (361)
4,888 4,450 438   Total Maintenance / Repairs 38,246 32,350 5,896
               
- 1,250 (1,250)   Contingency Fund - 8,750 (8,750)
               
        Construction / Capital      
- - -   AM+G (Formerly M+G) - 210,000 (210,000)
- 1,667 (1,667)   AM+G Contingency - 11,667 (11,667)
- - -   Planter Landscaping - 20,000 (20,000)
- - -   Painting Zolotone - 20,000 (20,000)
- 500 (500)   Engineering - 3,500 (3,500)
- - -   Exercise Equipment - 3,000 (3,000)
- 2,167 (2,167)   Total Construction/Capital - 268,167 (268,167)
               
               
72,189 64,199 7,990   Total Expense: 487,925 864,424 (376,499)
        ( Including Contingency)      
               
$ 28,522 $ 37,761 $(10,561)   Income Less Expense $127,429 $ (149,305) $276,734
               
               
               
        Cash Reserve $308,657    

 

 

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