Newsletter #149 Acrobat file Return to archive Newsletter #151
350 BLEECKER STREET CO-OP NEWSLETTER #150
March 17, 2002
THANK YOU, KEITH HUTCHINSON
Board member Keith Hutchinson resigned. The board unanimously thanked Keith for his service to the co-op.
When a board member resigns, the remaining 6 board members choose a replacement. If you'd like to join the board, please contact any board member.
SUBLET FEE
Based on shareholder comments, the board reconsidered the sublet fee and adjusted it to $3 per share per month from $5 per share per month, effective January 1, 2002.
INTERCOM
The board accepted Loeffler's bid to replace the intercom board in the lobby. The price, including some replacement parts, will be under $5,000. The new intercom will be installed in about 60 days.
PREFERRED BROKER PROGRAM
Several years ago, for several years, the board negotiated a reduced fee brokerage arrangement. A broker was designated as "preferred" because she would charge a reduced commission. Her fee was 4% for co-broker sales and 3% when she sold the listed apartments herself. Most brokers in those days charged 6%, so many people saved several thousand dollars each. People did not have to use the "preferred broker" or any broker. However, due to the reduced commission arrangement, the "preferred broker" sold the majority of broker-sold apartments.
The board is considering whether to revive this program. Unlike the past, the "preferred broker" would not be allowed to post "for sale" signs in the lobby. Furthermore, discounted commissions are more common these days. One brokerage is heavily advertising 2% and 3% commissions, for example. It is not currently known if any brokers would be interested in the "preferred" designation these days.
If you have any suggestions or comments on this proposal, please contact any board member.
RENOVATION
If you are planning any renovation, it would be worthwhile to check with a board member first on the proper procedure. You can also check with the managing agent, Paul Morton, at 212 557 3600 or check the web site: www.350bleecker/policy/alter.html. In summary, any painting, spackling, floor sanding and sealing, plumbing, carpentry, demolition, electrical work, etc. requires you to post a notice 5 days in advance on the bulletin board so other residents can prepare themselves for the noise and disruption. In many cases, a deposit may be required by the co-op in advance, and certain engineering inspections may also be required. The co-op pays for the engineer, but the shareholder must reimburse the co-op for the expense. Contractors and subcontractors must be licensed and appropriately insured.
350 Bleecker Street Apartment Corp.
2002 Estimate
| 2002 Estimate | |||||
| January | Estimate | ||||
| Unaudited | Feb-Dec | Full Year | 2002 | Over/(Under) | |
| Actual | Estimate | 2002 | Budget | Budget | |
| Income | |||||
| Commericial Rent | $ 7,167 | $ 116,584 | $ 123,751 | $ 123,750 | $ 0 |
| Laundry Income | 1,445 | 11,000 | 12,445 | 12,000 | 445 |
| Transfer Fees (A) | - | 67,000 | 67,000 | 40,000 | 27,000 |
| Maintenance (B) | 86,706 | 914,788 | 1,001,494 | 1,041,587 | (40,093) |
| Other Income (Sublets, etc.) | 746 | 8,433 | 9,180 | 10,600 | (1,420) |
| Total Income | $ 96,064 | $ 1,117,805 | $ 1,213,868 | $ 1,227,937 | $ (14,069) |
| Expenses: | |||||
| Real Estate Tax | - | 337,253 | 337,253 | 337,256 | (3) |
| Mortgage Interest & Principal | 24,403 | 266,315 | 290,718 | 290,526 | 192 |
| Other Taxes | 857 | 3,082 | 3,939 | 3,938 | 1 |
| Total Taxes & Interest | 25,260 | 606,650 | 631,910 | 631,719 | 191 |
| Insurance | - | 42,613 | 42,613 | 42,749 | (136) |
| Management Fee | - | 40,689 | 40,689 | 40,689 | - |
| Legal Fees | 19,429 | 56,833 | 76,263 | 73,000 | 3,263 |
| Accounting | 667 | 6,605 | 7,272 | 7,206 | 66 |
| All Other (security, postage, etc.) | 1,250 | 7,187 | 8,436 | 7,840 | 596 |
| Total Administration | 21,346 | 153,927 | 175,273 | 171,484 | 3,790 |
| Labor | 17,571 | 215,715 | 233,286 | 235,325 | (2,039) |
| Utilities (C) | 6,299 | 132,101 | 138,400 | 115,928 | 22,472 |
| Maintenance & Repairs | 7,012 | 41,337 | 48,349 | 46,594 | 1,754 |
| Contingency | - | 13,750 | 13,750 | 15,000 | (1,250) |
| Construction/Capital Projects (D) | 5,265 | 21,858 | 27,123 | 21,858 | 5,265 |
| Total Expense | 82,753 | 1,185,338 | 1,268,090 | 1,237,908 | 30,182 |
| Net Operating Income/(Loss) | $ 13,311 | $ (67,533) | $ (54,222) | $ (9,971) | $ (44,251) |
| Projected Cash @ 12/31/02 | $ 145,337 | $ 139,251 | $ 6,086 |
Footnotes:
(A) Transfer fees projection raised to reflect stronger market than anticipated.
(B) Reflects unbudgeted tax abatement credited to shareholders.
(C) Overage reflects planned payment of 2001 water bill currently in dispute.
(D) Overage due to payment of sub-metering invoice in 2002 not 2001 as anticipated.
Newsletter #149 Acrobat file Return to archive Newsletter #151
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350 Bleecker Street Apartment Corp.
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