Newsletter #158 Acrobat file Return to archive Newsletter #160
350 BLEECKER STREET CO-OP NEWSLETTER #159
October 11, 2002
The board met on September 24, 2002. Among the issues discussed:
THANK YOU, HELEN AND JACK KATZ
The board members bought Helen and Jack Katz a gift in recognition of their outstanding service to the co-op. At the end of August, they retired from the Garden Committee. They helped build the roof garden in 1991 and ever since that date worked harder than anyone else in the building to maintain it. In addition, they organized several potluck brunches and dinners held on the roof each spring and summer. Helen and Jack's unselfish dedication, creativity, and good cheer benefited everyone in the building for many years.
MAILBOXES
Tudor was instructed to get bids to replace the mailboxes. The Design Committee was consulted about alternative ways to arrange the mailroom, recommended the color of the new mailboxes, etc. The board will replace the mailboxes based upon the Design Committee's recommendations. The cost will be around $12,000.
The current boxes are about 244 cubic inches each. New mailboxes are more than twice that size. The Postal Service will not allow replacement mailboxes to be the same small size of our current boxes. The maximum and minimum heights of the mailboxes are also regulated by the Postal Service. The locks on the top row of boxes can be no higher than 67 inches and the bottom of the lowest row can be no less than 28 inches off the floor. It can take 6 weeks from the day boxes are ordered to the day they are fully installed.
The new aluminum silver-gray boxes will be installed along the west wall of the mailroom. The west wall will be brought out about 10 inches to allow for the extra depth of the new boxes. The closet built into the south wall (the door on your left as you enter the room) will be opened up and made part of the mailroom. Mailboxes will also be installed along the back wall of what is now the closet. The east wall of the mailroom (the shorter of the 2 long walls) will no longer have mailboxes.
If you have any concerns or suggestions or objections to this plan, please contact any board member. The board members will share all concerns and suggestions with each other, so only 1 board member need be contacted. Unless there are substantial unanticipated suggestions or objections, the board will go ahead with the plan outlined above.
ELEVATOR MAINTENANCE
Tudor and a member of the board are reviewing alternate elevator contractors, because the service we've experienced is lower than expectations.
ROOF GARDEN
The staff is slowly replacing deteriorated barrels with new barrels and plastic liners. Additionally, Jim Kafadar and Susan Kim are studying the feasibility of installing an automatic watering system.
LEGAL UPDATE - 3 DIFFERENT CASES
As noted in earlier Newsletters, the co-op's appeal of the federal decision was submitted. The court did not announce the decision yet. The board was told that this decision could take anywhere from 1 day to 1 year, although 2 or 3 months seems to be common.
Also reported in an earlier Newsletter, the co-op filed a $22 million lawsuit against Ken Newman in New York State court. Even if the co-op loses the appeal in the federal case, this lawsuit can go forward. The co-op's attorney was paid his retainer, and should the co-op be successful, he will receive a portion of the proceeds. A few days ago, Ken Newman filed a response to this suit, which is shown on the co-op's web site.
Ken Newman sued the board to get the shareholders' names and addresses and to see the board's minutes. The insurance company defended the board, since it appeared that disclosing confidential legal issues to Ken Newman would be not be reasonable.
The co-op's web site, www.350bleecker.com/newsletters/lawsuit_index.html lists practically all of the legal papers filed by the parties and the judges' decisions.
OUR CO-OP CAN BE AN EXTENDED FAMILY
From time to time, the unusual nature of the people in our building becomes clear.
A long-time elderly resident had a back problem. She called a local hospital and asked for an ambulance. The hospital charged $609.43 for an ambulance that took her a few blocks. They treated her back and without consulting her or her health care proxy-holder, they transported her to a nursing home in the Bronx, 3-hour round trip from 350 Bleecker Street. The Bronx nursing home announced they would hire a psychiatrist to certify that she is incompetent, and redirected her mail to themselves.
Faxes were written to the New York State Health Department, the state Nursing Home Abuse line, the North Carolina headquarters of the Bronx nursing home, the New York Post, the Daily News, and the president of St Vincent's Hospital, none of whom responded appropriately.
It took over 1 month and the combined efforts of Emma DeVito (who works for the Village Nursing Home), Richard Glavin, Carolyn Hoh, Helen and Jack Katz, Mark Lilien, Edna Marshall, the resident's stepson, sister, and nephew, as well as her attorney, to get her transferred to the Village Nursing Home, where she could be conveniently visited by her friends and neighbors.
How many other buildings have so many people who care about each other and are willing to go "the extra mile" to help each other?
ELECTION OF NEW CHAIRMAN
Al Del Vecchio was unanimously elected Chairman.
TERRORISM
Stephanie Phelan suggests that people concerned about the best procedures to follow in case of another terrorist disaster consult 2 web sites:
http://cbsnewyork.com/investigates/StoryFolder/story_759648414_html and http://training.fema.gov/EMIWeb/cert/Here are some tips from The Office of the Public Advocate, Betsy Gotbaum.
What you can do to prepare:
1. Look for the emergency exits in your home and office buildings. Every building should have an emergency plan. Insist on being informed about it.
2. Know the location of the hospital nearest your home and work.
3. Know how to set your radio to the frequency of a local station.
4. Become familiar with items in a first aid kid and how to use them.
5. Create an emergency communications plan for your loved ones. Choose an out-of-town contact person for everyone to check in with in the event of a disaster. Discuss with your household a meeting place and a plan of action in case of loss of contact.
6. Develop a family evacuation plan and kit. Assemble family disaster supplies.
7. Discuss with your family, neighbors, building management and friends the types of disasters that could occur and your preparations.
8. Notice and report suspicious behavior. Donšt be afraid to call 911 if you spot strange comings or goings, inappropriate behavior or strange requests, highly unusual mail or packages, especially those with no return
identification.
9. Trust your instincts. Remain calm and flexible.
350 Bleecker Street Apartment Corp
2002 Estimate
| August YTD | Estimate | ||||||||||||||||||||
| Unaudited | Sept-Dec | Full Year | 2002 | Over/(Under) | |||||||||||||||||
| Actual | Estimate | 2002 | Budget | Budget | |||||||||||||||||
| Income | |||||||||||||||||||||
| Commercial Rent | $ 57,333 | $ 68,990 | $ 126,323 | $ 123,750 | $ 2,573 | ||||||||||||||||
| Laundry Income | 9,682 | 4,000 | 13,682 | 12,000 | 1,682 | ||||||||||||||||
| Transfer Fees (A) | 81,630 | 13,700 | 95,330 | 40,000 | 55,330 | ||||||||||||||||
| Maintenance (B) | 693,637 | 359,196 | 1,052,832 | 1,041,587 | 11,245 | ||||||||||||||||
| Other Income (Sublets, etc.) | 7,119 | 1,452 | 8,570 | 10,600 | (2,030) | ||||||||||||||||
| Total Income | $ 849,400 | $ 447,337 | $ 1,296,737 | $ 1,227,937 | $ 68,800 | ||||||||||||||||
| Expenses: | |||||||||||||||||||||
| Real Estate Tax | 67,782 | 269,693 | 337,475 | 337,256 | 219 | ||||||||||||||||
| Mortgage Interest & Principal | 196,443 | 97,611 | 294,054 | 290,526 | 3,529 | ||||||||||||||||
| Other Taxes | 5,670 | - | 5,670 | 3,938 | 1,732 | ||||||||||||||||
| Total Taxes & Interest | 269,894 | 367,304 | 637,199 | 631,719 | 5,480 | ||||||||||||||||
| Insurance | 30,221 | 20,000 | 50,221 | 42,749 | 7,472 | ||||||||||||||||
| Management Fee | 27,126 | 13,563 | 40,689 | 40,689 | (0) | ||||||||||||||||
| Legal Fees (C) | 125,006 | 12,722 | 137,728 | 73,000 | 64,728 | ||||||||||||||||
| Accounting | 5,370 | 2,668 | 8,038 | 7,206 | 833 | ||||||||||||||||
| All Other (security, postage, etc.) | 3,301 | 2,613 | 5,914 | 7,840 | (1,926) | ||||||||||||||||
| Total Administration | 191,024 | 51,567 | 242,590 | 171,484 | 71,106 | ||||||||||||||||
| Labor | 150,251 | 79,842 | 230,092 | 235,325 | (5,233) | ||||||||||||||||
| Utilities | 34,954 | 64,600 | 99,554 | 115,928 | (16,374) | ||||||||||||||||
| Maintenance & Repairs | 31,450 | 13,902 | 45,352 | 46,594 | (1,243) | ||||||||||||||||
| Contingency | - | 5,000 | 5,000 | 15,000 | (10,000) | ||||||||||||||||
| Construction/Capital Projects (D) | 18,785 | 16,858 | 35,643 | 21,858 | 13,785 | ||||||||||||||||
| Total Expense | 696,358 | 599,073 | 1,295,431 | 1,237,908 | 57,522 | ||||||||||||||||
| Net Operating Income/(Loss) | $ 153,042 | $ (151,736) | $ 1,307 | $ (9,971) | $ 11,278 | ||||||||||||||||
| Projected Cash @ 12/31/02 (E) | $ 8,034 | $ 139,251 | $ (131,217) |
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 due to sub-meters ($5,358) + carpet invoice ($8,375) paid in 2002 not 2001 as anticipated.
(E) Projected cash includes $367,467 payment made to Ken Newman for his legal fees. These fees are not shown in the legal expenses listed above. $200,000 was a no-interest loan from the board to the co-op. Actual cash at the end of August was $159,770. Due to record low interest rates, the board is exploring refinancing the mortgage and acquiring a bank credit line.
NOTICE OF THE ANNUAL MEETING OF SHAREHOLDERS OF
350 BLEECKER STREET APARTMENT CORP.
TO BE HELD ON NOVEMBER 12, 2002 7:30 PM at:
Synagogue Darech Amuno
53 Charles Street (between Bleecker and West 4th Street)
New York, NY 10014
Notice is hereby given to the shareholders of 350 Bleecker Street Apartment Corp., a New York corporation, that the Annual Meeting of Shareholders will be held at Synagogue Darech Amuno 53 Charles Street, New York, NY 10014 on November 12, 2002 at 7:30 PM for the following purposes:
a. To elect the Directors of 350 Bleecker Street Apartment Corp., and
b. To transact such other business as may properly come before the meeting or
any adjournment thereof.
The date fixed by the Board of Directors as the record date for the determination of shareholders entitled to notice of and to vote at the Annual Meeting is the close of business on November 1, 2002. The transfer books will not be closed.
By order of the Board of Directors.
/s/ James D. Kafadar
James D. Kafadar, Secretary
October 22, 2002
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