Newsletter #146 Acrobat file Return to archive Newsletter #148
350 BLEECKER STREET CO-OP NEWSLETTER #147
December 17, 2001
HAPPY HOLIDAYS!
The Design Committee appointed Valerie Coster and Mary Sculley to purchase the Christmas tree, ornaments, wreath, and Hanukkah menorah for the lobby. The tree trimming was organized by Stephanie Phelan and Dusty Maddox who made cider and cookies for all who helped, including the Granger and Passuntino families, Jim Kafadar, and Jasmin Orahovac.
BUILDING STAFF
At this time of year, people ask about the tenure of our staff:
Rifo Otovic, Super, has been working for the co-op since 1989.
Jerry Rawls, Porter and Doorman, has been here since 1963
Armando Sanchez, Doorman, since 1989.
Jasmin Orahovac has been Weekend Doorman since 1993.
Benjamin Irizarry, Weekend Doorman, started this year.
GARAGE APPEAL
Based on feedback from shareholders, the board decided to go ahead with the appeal. Only 3 shareholders voiced objections via the confidential forms that were distributed. When the appeal papers are submitted to the court, they will also be posted on the co-op's web site.
BLEECKER STREET PLANTERS
The board gave the contract to Ani Antreasyan, since only 10 shareholders (who own 13 apartments) voiced objections via the confidential forms that were distributed. The landscaping should be complete by Christmas.
FINANCIAL REPORT
Marylou Moravec's 2 page financial summary is attached, based on unaudited figures through October 2001 and her estimates for November and December.
350 Bleecker Street Apartment Corp.
2001 Estimate
($ in 000's)
Unaudited: Based on Managing Agent's financial statements
| Estimate | Jan-October | ||||||||||||||||||||
| 2001 | Over/(Under) | Unaudited | Nov.-Dec. | Full Year | |||||||||||||||||
| Budget | Budget | Actual | Estimate | 2001 | |||||||||||||||||
| Income | |||||||||||||||||||||
| Commericial Rent | $ 104,978 | $ (102) | $ 97,709 | $ 7,167 | $ 104,876 | ||||||||||||||||
| Laundry Income | 12,000 | 4,825 | 14,825 | 2,000 | 16,825 | ||||||||||||||||
| Transfer Fees | 25,000 | (3,600) | 21,400 | - | 21,400 | ||||||||||||||||
| Maintenance | (1) | 1,041,587 | (12,769) | 855,406 | 173,412 | 1,028,818 | |||||||||||||||
| Other Income (Sublets, etc.) | 15,850 | (6,817) | 10,333 | (1,300) | 9,033 | ||||||||||||||||
| Total Income | $ 1,199,415 | $ (18,463) | $ 999,673 | $ 181,279 | $ 1,180,952 | ||||||||||||||||
| Expenses: | |||||||||||||||||||||
| Real Estate Tax | (2) | 300,000 | 6,596 | 242,596 | 64,000 | 306,596 | |||||||||||||||
| Mortgage Interest & Principal | 290,400 | 126 | 241,720 | 48,806 | 290,526 | ||||||||||||||||
| Other Taxes | 1,668 | 1,912 | 2,367 | 1,213 | 3,580 | ||||||||||||||||
| Total Taxes & Interest | 592,068 | 8,634 | 486,683 | 114,019 | 600,702 | ||||||||||||||||
| Insurance | 33,120 | 92 | 33,212 | - | 33,212 | ||||||||||||||||
| Management Fee | 35,000 | 1,209 | 29,625 | 6,584 | 36,209 | ||||||||||||||||
| Legal Fees | (3) | 87,000 | 28,960 | 110,960 | 5,000 | 115,960 | |||||||||||||||
| Accounting | (4) | 7,200 | 5,849 | 11,883 | 1,166 | 13,049 | |||||||||||||||
| All Other (security, postage, etc.) | 13,956 | 4,237 | 15,174 | 3,019 | 18,193 | ||||||||||||||||
| Total Administration | 176,276 | 40,348 | 200,855 | 15,769 | 216,624 | ||||||||||||||||
| Labor | (5) | 200,364 | 25,684 | 173,672 | 52,376 | 226,048 | |||||||||||||||
| Utilities | (6) | 90,000 | 16,672 | 74,342 | 32,330 | 106,672 | |||||||||||||||
| Maintenance & Repairs | 77,765 | (14,243) | 47,528 | 15,994 | 63,522 | ||||||||||||||||
| Contingency | 15,000 | (15,000) | - | - | - | ||||||||||||||||
| Construction/Capital Projects | (7) | 228,750 | (163,200) | 24,883 | 40,667 | 65,550 | |||||||||||||||
| Total Expense | (8) | $ 1,380,223 | $ (101,105) | $ 1,007,964 | $ 271,155 | $ 1,279,118 | |||||||||||||||
| Net Operating Income/(Loss) | $ (180,808) | $ 82,641 | $ (8,291) | $ (89,876) | $ (98,167) | ||||||||||||||||
| Projected Cash @ 12/31/01 | $ 112,685 | $ 36,537 | $ 149,222 | ||||||||||||||||||
See notes on following page.
Notes:
(1) Maintenance and assessments are below budget because Ken Newman's January accounting records show an underpayment.
(2) Due to the city's fiscal calendar, real estate taxes are unknown at budget time, so an estimate is made. The co-op challenges its assessment every year.
(3) According to our CPA, Ken Newman did not pay $13,814 of legal expenses in 2000 so this amount was paid in 2001. The amount was unknown at budget time because Ken's books seemed in disarray. There were unanticipated legal expenses relating to water damage caused by 102 Charles Street.
(4) Audit fees were substantially higher than planned because the audit took an extra 7 months due to difficulties with Ken Newman's records.
(5) $10,901 of the overage appears in the January records of Ken Newman. This amount is being audited and may actually relate to the previous year.
(6) According to our CPA, Ken Newman did not pay $13,447 of utilities in 2000, which had to be paid in 2001.
(7) Construction was over-budgeted approximately $100,000 because AM&G was paid most of its holdback in 2000 not 2001. Additionally, AM&G refused to install new air conditioner grills and sleeves for $34,000.
Major construction costs were approximately:
Zolotone painting $4,000
Planter sheet metal 28,000
Planter landscaping (estimate) 20,000
Nawkaw brick staining 8,000
Commercial Space Water Meters
(to be reimbursed by Ken Newman) 6,000
-------
$66,000
(8) According to our CPA, Ken Newman did not pay $40,939 in expenses in 2000. $27,261 of this total is discussed in the footnotes above.
Newsletter #146 Acrobat file Return to archive Newsletter #148
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