Newsletter #150 Acrobat file Return to archive Newsletter #152
350 BLEECKER STREET CO-OP NEWSLETTER #151
March 29, 2002
The board met on March 12, 2002. Among the issues discussed:
MOVE-IN DEPOSIT CHANGED TO $1,000 FROM $500
This is the first time it was increased.
PILOT LIGHTS
From now on, the move-in deposit cannot be returned unless the apartment has a pilotless stove. In other words, the stove has to be electric or gas with electronic ignition. Gas stoves with 24-hour constant pilot lights will have to be removed before people move in.
This rule was made for 2 reasons: fire safety and energy conservation. For similar reasons, stoves with constant pilot lights are no longer sold in New York City.
BIKE ROOM
Due to the multi-year waiting list, only shareholders will be permitted to reserve a spot.
LAUNDRY ROOM THIEF
The police examined pictures taken by the video security system installed by Jim Kafadar. They arrested Duane Marlo. On the video, it appears that someone's guest let the thief into the building. To help preserve everyone's safety, please do not admit people into the building unless you know them personally. It would also help if everyone talked to guests about this, too.
350 Bleecker Street Apartment Corp.
2002 Estimate
March 22, 2002
| Feb. YTD | Estimate | ||||
| Unaudited | Mar-Dec | Full Year | 2002 | Over/(Under) | |
| Actual | Estimate | 2002 | Budget | Budget | |
| Income | |||||
| Commericial Rent | $ 14,333 | $ 109,417 | $ 123,751 | $ 123,750 | $ 0 |
| Laundry Income | 3,473 | 10,000 | 13,473 | 12,000 | 1,473 |
| Transfer Fees (A) | - | 82,296 | 82,296 | 40,000 | 42,296 |
| Maintenance (B) | 173,404 | 847,989 | 1,021,393 | 1,041,587 | (20,194) |
| Other Income (Sublets, etc.) | 2,168 | 7,667 | 9,835 | 10,600 | (765) |
| Total Income | $ 193,378 | $ 1,057,369 | $ 1,250,747 | $ 1,227,937 | $ 22,810 |
| Expenses: | |||||
| Real Estate Tax | 56 | 337,253 | 337,309 | 337,256 | 53 |
| Mortgage Interest & Principal | 48,806 | 244,029 | 292,834 | 290,526 | 2,309 |
| Other Taxes | 857 | 3,082 | 3,939 | 3,938 | 1 |
| Total Taxes & Interest | 49,719 | 584,364 | 634,082 | 631,719 | 2,363 |
| Insurance | - | 42,749 | 42,749 | 42,749 | 0 |
| Management Fee | 6,782 | 33,908 | 40,689 | 40,689 | 0 |
| Legal Fees (C) | 47,166 | 62,500 | 109,666 | 73,000 | 36,666 |
| Accounting | 1,333 | 6,670 | 8,003 | 7,206 | 797 |
| All Other (security, postage, etc.) | 1,414 | 6,825 | 8,239 | 7,840 | 399 |
| Total Administration | 56,695 | 152,652 | 209,347 | 171,484 | 37,863 |
| Labor | 34,822 | 200,268 | 235,090 | 235,325 | (235) |
| Utilities (D) | 12,893 | 116,839 | 129,731 | 115,928 | 13,803 |
| Maintenance & Repairs | 13,005 | 34,851 | 47,856 | 46,594 | 1,261 |
| Contingency | - | 12,500 | 12,500 | 15,000 | (2,500) |
| Construction/Capital Projects (E) | 13,640 | 21,858 | 35,498 | 21,858 | 13,640 |
| Total Expense | 180,773 | 1,123,331 | 1,304,104 | 1,237,908 | 66,196 |
| Net Operating Income/(Loss) | $ 12,605 | $ (65,962) | $ (53,358) | $ (9,971) | $ (43,386) |
| Projected Cash @ 12/31/02 | $ 134,274 | $ 139,251 | $ (4,977) |
Footnotes:
(A) Transfer fees projection raised to reflect stronger market than anticipated.
(B) Reflects unbudgeted tax abatement credited to shareholders.
(C) Overage reflects 2001 legal fees billed in 2002 + extra payments for legal fee defense.
(D) Overage reflects planned payment of $25,000 2001 water bill currently in dispute.
(E) Overage due to sub-meter ($5,358) + carpet invoice ($8,375) paid in 2002 not 2001 as anticipated.
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