Newsletter #130    Acrobat file    Return to archive    Newsletter #132

350 BLEECKER STREET CO-OP NEWSLETTER
NUMBER 131
January 27, 2001

The board met on January 23, 2001. Among the items discussed:

NEW MANAGING AGENT

Tudor Realty Services was selected unanimously, effective February 1. Contact info:

     Paul Morton, managing agent

          25 Tudor City Place
          New York, New York 10017

          Telephone: (212) 557 3600 ext 137
          E-mail: PaulM@TudorRealty.com
          Fax: (212) 557 9329

     Billing Department questions please contact:

          Hannah Garcia, telephone: (212) 557 3600 ext 147
          Suzy Marinez: (212) 557 3600 ext 149

     In case of emergency, please call Rifo Otovic, super, at (212) 989 1565.
     If Rifo cannot be reached, call (212) 557 3600, 24 hours a day, 7 days a week.

If you are a shareholder and already make your payments electronically, this will continue, and nothing special or different needs to be done.

If you are a shareholder, and you mail your payments, please send them to Tudor, attention Billing Department, made out to 350 Bleecker Street Apartment Corp. Next payments are due February 1, 2001.

Shareholders, please do not send any more payments to Ken Newman.

Andrew Brucker will remain Transfer Agent as before, so he will arrange for all closings.

The board selected Tudor after an extensive search and interview process lasting several months. The management agreement is posted on the 350Bleecker.com web site. Tudor's annual fee is $39,500, and the contract runs through September 30, 2004. The fee is adjusted once a year according to the inflation rate. Ken Newman's fee was $49,500 annually. Furthermore, Ken charged the co-op several thousand dollars a year for expenses. Tudor's fee includes most of those expenses. To learn more about Tudor, check out their web site, TudorRealty.com.

GARAGE

The co-op filed an answer to Ken Newman's lawsuit and Ken Newman filed a rebuttal. All the filings are posted on the co-op's web site, 350Bleecker.com. If you are interested in reading these papers and you do not have access to the Internet, ask any board member to print these out for you.

Assuming the lawsuit continues, the next steps will occur in February or March, when the parties may ask for a Summary Judgment. If a Summary Judgment is granted, there will be no full trial, just an exchange of legal papers, and the judge's ruling may be finished in 2001. If a full trial occurs, things will take longer, perhaps into 2002.

NATIONAL CO-OPERATIVE BANK

The building's $3.5 million mortgage holder issued the co-op a $35,000 dividend. Since the bank is a co-op itself, and our co-op is a shareholder in the bank, we receive cash and stock dividends from time to time.

GOOD LUCK, MIRZA OTOVIC!

The board thanked Mirza Otovic for his service to the building. Mirza has taken a job with the US government in Maryland. The board hired Jonathan Baruch as Mirza's replacement.

APARTMENT FOR SALE - 3X - "L" Studio -- $245,000

If you are interested, and are not a broker, please call Hilary Finkelstein at 212 691 3314.

CARPETING

Newsletter #130    Acrobat file    Return to archive    Newsletter #132