Newsletter #162 Acrobat file Return to archive Newsletter #164
350 BLEECKER STREET CO-OP NEWSLETTER #163
April 23, 2003
The board met 5 times (total) in February, March, and April.
COURT RULING -- SECOND CIRCUIT FEDERAL COURT APPEAL
On April 23, the court decided against the co-op in its appeal of the garage case. The 16-page decision is posted on the co-op's web site at http://www.350bleecker.com/newsletters/lawsuit_index.html. The $22 million New York State court case against Ken Newman continues. However, there have been numerous settlement negotiations between the parties. As noted in Newsletter #161, unless and until it appears that a settlement is imminent, the settlement discussions will remain confidential.
MAILBOXES AND OTHER RENOVATION TO THE PUBLIC AREAS OF THE BUILDING
New mailboxes arrived and installation will start Monday April 28. As a temporary measure during the construction, the current mailboxes will be removed from the mailroom, and then mounted temporarily on the wall of the lobby.
After the new mailboxes are installed, the Post Office must inspect them for approval. After the approval is given, the new mailboxes can be utilized and the old mailboxes will be discarded. The construction and approval process takes 1 to 2 weeks, depending on the workload of the postal inspector. The new mailboxes are about twice the size of the current ones.
Once the old mailboxes are discarded the lobby and mailroom will be repainted. The hallways on every floor will also be touched up. New carpeting will be installed in floors 1 through 5, since that carpeting is over 10 years old. The lobby floor and the sixth floor had the carpeting replaced within the past 2 years.
The mailbox replacement ($10,620), carpeting ($20,000), and painting ($7,540) were all budgeted. The board is also taking bids for painting the stairwells.
POSSIBLE NEW BOARD MEMBERS
Newsletter #162 asked if any shareholders wanted to join the board, in case of mid-term vacancies. Since a board member is selling his apartment, at least 1 vacancy is likely soon. So far, two shareholders volunteered to be considered. One is a residential real estate broker and the other is married to a residential real estate broker. Both brokers are employed by firms actively selling apartments in the building from time to time.
Several years ago, for several terms, a real estate broker was a member of the board. She did not participate in sublet or sale interviews that involved her firm's clients and did not vote regarding them, either.
The board is seriously considering these people as possible replacements for vacancies. Assuming both people do not participate in interviews and votes for sales and sublets for clients served by their firm (or a spouse of theirs' firm) there would be no apparent conflict of interest. Before a decision is made, the board would like to hear from any shareholder who has questions, suggestions, or objections to this arrangement or the appointment of real estate brokers or spouses of real estate brokers.
GARDENING
The board hired Jack and Helen Katz to assist the building staff in taking care of the sidewalk tree pits, the planters along the front wall along Bleecker Street, the back yard, and the roof. For many years, Helen and Jack volunteered more time than anyone, taking care of the roof garden. This new arrangement is a test, subject to the mutual satisfaction of the co-op and Helen and Jack. The fees are $200 per week plus materials, and the cost was included in the budget for the year.
In recognition of Helen and Jack's voluntary work, the board members personally paid for a gift of a "night on the town".
350 Bleecker Street Apartment Corp
January thru March 2003 spending vs budget
(unaudited)
| Jan thru | ||||||||
| March | ||||||||
| Jan thru | 2003 | versus annual | ||||||
| Mar-03 | Budget | budget | ||||||
| Income | ||||||||
| Commercial Rent | $22,059 | $124,000 | 18% | |||||
| Laundry Income | 2,868 | 12,000 | 24% | |||||
| Transfer Fees (2% of sales price) | 37,980 | 89,500 | 42% | |||||
| Maintenance | 267,440 | 1,070,520 | 25% | |||||
| Bike Room | 0 | 1,400 | ||||||
| Interest and dividends | 326 | 4,000 | ||||||
| Late fees | 700 | 2,400 | ||||||
| Lockers | 0 | 6,000 | ||||||
| Repair charges | 0 | 2,500 | ||||||
| Sublet fees | 0 | 1,200 | ||||||
| Misc income | -150 | 0 | ||||||
| Subtotal other income (Bike Rm thru Misc income) | 876 | 17,500 | 5% | |||||
| Total Income | $331,223 | $1,313,520 | 25% | |||||
| Expenses: | ||||||||
| Real Estate Tax | $167 | $430,350 | 0% | |||||
| Mortgage Interest & Principal | 45,263 | 250,325 | 18% | |||||
| Other Taxes | 3,932 | 14,000 | 28% | |||||
| Subtotal taxes and interest | 49,362 | 694,675 | 7% | |||||
| Insurance | 13,528 | 55,000 | 25% | |||||
| Management Fee (Tudor) | 10,477 | 41,910 | 25% | |||||
| Legal Fees | 98,999 | 125,000 | 79% | |||||
| Accounting | 3,290 | 8,300 | 40% | |||||
| Bank charges | 542 | 100 | ||||||
| Dues and subscriptions | 569 | 2,500 | ||||||
| Internet site | 75 | 500 | ||||||
| Licenses, permits, violations | 2,282 | 250 | ||||||
| Misc | 44 | 3,000 | ||||||
| Phone | 299 | 1,000 | ||||||
| Postage | 0 | 600 | ||||||
| Printing | 30 | 1,000 | ||||||
| Security system | 417 | 2,500 | ||||||
| Subtotal all other (Bank Charges thru Security) | 4,259 | 11,450 | 37% | |||||
| Total Administration | 130,553 | 241,660 | 54% | |||||
| Medical + dental insurance + ADP fees | 8,077 | 25,600 | ||||||
| Payroll (incl Worker's Comp) | 44,676 | 200,000 | ||||||
| Subtotal labor (ADP thru Payroll) | 52,753 | 225,600 | 23% | |||||
| Cable TV | 76 | 300 | ||||||
| Electricity + gas for cooking | 6,872 | 21,500 | ||||||
| Gas for steam heat + hot water | 18,746 | 32,000 | ||||||
| Water and sewer | 0 | 25,000 | ||||||
| Subtotal Utilities | 25,694 | 78,800 | 33% | |||||
| Architect + engineer | 0 | 500 | ||||||
| Boiler, plumbing, a/c | 2,443 | 7,500 | ||||||
| Electrician | 550 | 1,000 | ||||||
| Elevator | 3,214 | 10,000 | ||||||
| Equipment repair | 0 | 1,500 | ||||||
| Exercise Room | 333 | 2,000 | ||||||
| Exterminator | 508 | 1,400 | ||||||
| Garden supplies | 250 | 1,750 | ||||||
| Janitorial supplies | 2,199 | 13,000 | ||||||
| Landscaping | 250 | 10,000 | ||||||
| Other physical upkeep | 200 | 3,000 | ||||||
| Other repairs | 271 | 8,000 | ||||||
| Painting touch up + carpet repair | 0 | 3,500 | ||||||
| Tools | 0 | 1,500 | ||||||
| Uniform cleaning | 0 | 600 | ||||||
| Subtotal Maint & Repairs (Arch thru Uniform) | 10,218 | 65,250 | 16% | |||||
| Contingency | 0 | 20,000 | 0% | |||||
| Carpet and painting | 0 | 40,000 | 0% | |||||
| Mailbox replacement | 9,620 | 15,000 | 64% | |||||
| Subtotal Construction/Capital Projects | 9,620 | 55,000 | 17% | |||||
| Total Expense | $278,200 | $1,380,985 | 20% | |||||
| Tax Rebate for 2003 | 0 | $68,421 | 0% | |||||
| Net Operating Income/(Loss) | $53,024 | $956 |
Footnotes:
At the end of March 2003, the co-op had $576,829.68 in cash.
Newsletter #162 Acrobat file Return to archive Newsletter #164
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350 Bleecker Street Apartment Corp.
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