Newsletter #163    Acrobat file    Return to archive    Newsletter #165

350 BLEECKER STREET CO-OP NEWSLETTER #164
April 30, 2003

LOCKER AUCTION -- BIDS DUE MAY 22 AT 5 PM

There are 12 lockers in the basement, in a locked storage room. These lockers were built approximately 3 years ago. There was an auction for the lockers. Each bidder won the right to occupy a locker or two for 3 years. The bidders were told that they would receive preference upon the end of the 3-year period, should they wish to renew.

At its most recent meeting, the board voted unanimously to run a new auction, subject to these rules:

1.     The minimum bid for each locker shall be $800.

2.     The rental period is 2 years, starting June 15.

3.     No shareholder may bid on more than 2 lockers.

4.     The 12th highest bid shall become the new price for all 12 lockers. If there are fewer than 12 bids, the lowest bid shall become the price.

5.     Current locker holders need not bid. They will be offered a renewal for 2 years at the new price.

6.     Each bid must be accompanied by a check made out to "350 Bleecker Street Apartment Corp" for the full amount of the bid. If the new price is below the check amount, and a locker is available, the check will be destroyed upon receipt of another check for the correct, lower amount, by May 29, 2003 at 5PM. Rifo will collect the checks.

7.     People who cannot get lockers will not have their checks cashed.

8.     No check will be cashed until after the auction is over.

9.     In case of a tie, the earliest bid received will get preference.

10.   Only shareholders may bid.

11.   If your bid form is filled out incorrectly or the check has an error, Tudor will try to call you. If the correction is not made within 24 hours of the call, or if Tudor cannot reach you, then neither the co-op nor Tudor can be held responsible. Bids without checks will be disqualified.

12.   If the current locker tenant doesn't want to renew, the locker must be cleaned out and the padlock removed by June 7, 2003 at 5 PM.

13.   If the current locker tenant wants to renew, Rifo must receive the check for the new price by May 29, 2003 at 5 PM.

14.   The auction bid envelopes will be opened in the Exercise Room at 5:15 PM on May 22. Shareholders are welcome to watch.

For example:

If 14 bids are received, and the 12th lowest bid is $875, then the new price for everyone is $875. All current locker holders will be asked if they wish to renew for 2 years for $875. If 5 current locker holders want to renew, then the top 7 bidders will also pay $875 and get lockers. If 2 different people bid $875 and only 1 can be accommodated, then the person whose bid is received first will get a locker.

Other rules

If you need the locker for less than 2 years, you are free to transfer it to anyone else who owns shares in the building, after notifying the co-op. For example, if you sell your apartment after 1 year, the new purchaser may occupy the locker for a year. However, the co-op will issue no refunds for unused locker-rental time. If you sell your apartment before the 2 years is up you automatically forfeit your right to the locker, unless you transfer your remaining interest in the locker to a shareholder first.

The locker room has 7 day, 24 hour access to the locker customers. Each locker requires a padlock supplied by the customer. Each locker is approximately 36 inches by 40 inches by 80 inches.

No flammable chemicals, explosives, ammunition or firearms may be stored. Everything stored is at the risk of the owner, since the building can accept no responsibility for the security (including but not limited to water damage, theft, fire) of the lockers or the room.

If you have any questions, please call Paul Morton at Tudor (212 557 3600) or e-mail him at paulm@tudorrealty.com. If you want to see the lockers, please contact Rifo Otovic at 212 989 1565.

Slip your form with check attached, into a sealed envelope, and slip under Rifo Otovic's door (Lobby G) or mail the form to Rifo Otovic, so that he receives your bid by May 22, 2003 at 5 PM. The new rental term will start June 15.

Thanks!

_______________________________________________________________________________________

Name________________________________ Apt________ Daytime phone____________________________

Evening phone_________________________ E-mail address________________________________________

Bid per locker__________________________ Number of lockers____________________________________

Signature_________________________________________________________________________________

Agreement: Signing this form indicates my agreement with the terms stated in this Newsletter.

FOR SALE

Newsletter #163    Acrobat file    Return to archive    Newsletter #165