Newsletter #169 Acrobat file Return to archive Newsletter #170
350 BLEECKER STREET APARTMENT CORP.
Annual Shareholder Meeting
11/11/03
2003 Annual Meeting Report
| 350 Bleecker Street Apartment Corp. 2003 Annual Shareholder Meeting 11/11/03 Inspector of Elections: Andrew Brucker |
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Officer & Committee Reports
1. New state-of-the art air-conditioning system installed in lobby repainted
2. Emergency lighting system installed and operational in both North and South stairways
3. Lobby repainted
4. New lobby light fixtures ordered and installed
5. Lobby ceiling painted
6. New rain-mats ordered (replaced on a frequent basis)
7. Tree arrangement acquired to serve as a room divider between lobby and mailroom
8. Fresh flowers now a permanent part of the lobby
9. Old mailboxes replaced by boxes more than twice the size
10. Mailroom painted
11. Beautiful marble shelf installed in mailroom (at extremely low cost)
12. Mailroom bulletin board installed
13. Hallways repainted or touched up
14. North and South stairways, and stairway to basement painted (first time in over 20 years)
15. Part of the gym library donated to the Village Care NY
16. Gym alcove space freed-up by book donation painted, now being converted to additional bike storage
17. Gym upgrade underway
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Property Values (Please see graph on first page)
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Money Management and Financial Statement (Please see attached financial statement for full report)
In January, the board took advantage of record low interest rates, and negotiated a new mortgage at 5.89%,
down from the previous rate of 7.82%. Because of this, shareholders will save $675,000 over the next 10 years.
Due to New York City�s dramatic 18% increase in real estate taxes, many coops had to raise
their maintenance fees considerably. In sharp contrast, 350 Bleecker�s maintenance increased by only 2.7%, a total of 14
cents per share.
All board members are shareholders and reside in the building, caring deeply about the building�s finances
as well as its upkeep. Additionally, before any major project spending occurs, the board invites shareholder input.
The board does not, and will not, undertake any major project without shareholder consensus.
Managing Agent
Tudor Management served their second year of a three-year contract. Tudor has an excellent service
record with this building, as well as 90 other buildings. They respond promptly to ongoing as well as emergency
situations, and are extremely pleasant and professional to deal with.
Many shareholders have their maintenance deposited electronically. The managing agent performs this
service as part of their contract, and it saves the shareholders at least $2,000 a year in $50 late fees.
www.350bleecker.com is the most comprehensive co-op |
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350 Bleecker Street Apartment Corp.
January thru August 2003 spending vs budget
(unaudited)
| Jan thru | ||||||||
| August | ||||||||
| Jan thru | 2003 | versus annual | ||||||
| Aug-03 | Budget | budget | ||||||
| Income | ||||||||
| Commercial Rent | $33,206 | $124,000 | 27% | |||||
| Laundry Income | 9,233 | 12,000 | 77% | |||||
| Transfer Fees (2% of sales price) | 74,980 | 89,500 | 84% | |||||
| Maintenance | 777,885 | 1,070,520 | 73% | |||||
| Bike Room | 0 | 1,400 | ||||||
| Interest and dividends | 1,773 | 4,000 | ||||||
| Late fees | 1,250 | 2,400 | ||||||
| Lockers | 10,808 | 6,000 | ||||||
| Repair charges | 0 | 2,500 | ||||||
| Sublet fees | 0 | 1,200 | ||||||
| Misc income | -150 | 0 | ||||||
| Subtotal other income (Bike Rm thru Misc incom | 13,681 | 17,500 | 78% | |||||
| Total Income | $908,985 | $1,313,520 | 69% | |||||
| Expenses: | ||||||||
| Real Estate Tax | $95,382 | $430,350 | 22% | |||||
| Mortgage Interest & Principal | 149,565 | 250,325 | 60% | |||||
| Other Taxes | 5,698 | 14,000 | 41% | |||||
| Subtotal taxes and interest | 250,645 | 694,675 | 36% | |||||
| Insurance | 42,317 | 55,000 | 77% | |||||
| Management Fee (Tudor) | 27,940 | 41,910 | 67% | |||||
| Legal Fees | 559,818 | 125,000 | 448% | |||||
| Accounting | 7,381 | 8,300 | 89% | |||||
| Bank charges | 542 | 100 | ||||||
| Dues and subscriptions | 1,251 | 2,500 | ||||||
| Internet site | 100 | 500 | ||||||
| Licenses, permits, violations, inspections, consulting | 2,282 | 250 | ||||||
| Misc | 44 | 3,000 | ||||||
| Phone | 775 | 1,000 | ||||||
| Postage | 734 | 600 | ||||||
| Printing | 219 | 1,000 | ||||||
| Security system | 417 | 2,500 | ||||||
| Subtotal all other (Bank Charges thru Security) | 6,365 | 11,450 | 56% | |||||
| Total Administration | 643,821 | 241,660 | 266% | |||||
| Medical + dental insurance + ADP fees | 20,523 | 25,600 | ||||||
| Payroll (incl Worker's Comp) | 143,838 | 200,000 | ||||||
| Subtotal labor (ADP thru Payroll) | 164,361 | 225,600 | 73% | |||||
| Cable TV | 202 | 300 | ||||||
| Electricity + gas for cooking | 14,252 | 21,500 | ||||||
| Gas for steam heat + hot water | 43,229 | 32,000 | ||||||
| Water and sewer | 9,087 | 25,000 | ||||||
| Subtotal Utilities | 66,770 | 78,800 | 85% | |||||
| Architect + engineer + inspection + consulting | 3,625 | 500 | ||||||
| Boiler, plumbing, a/c | 3,934 | 7,500 | ||||||
| Electrician | 550 | 1,000 | ||||||
| Elevator | 5,923 | 10,000 | ||||||
| Equipment repair | 0 | 1,500 | ||||||
| Exercise Room | 333 | 2,000 | ||||||
| Exterminator | 1,156 | 1,400 | ||||||
| Garden supplies | 250 | 1,750 | ||||||
| Janitorial supplies | 12,567 | 13,000 | ||||||
| Landscaping | 6,087 | 10,000 | ||||||
| Other physical upkeep | 4,339 | 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) | 39,035 | 65,250 | 60% | |||||
| Contingency | 0 | 20,000 | 0% | |||||
| Carpet and painting and lobby a/c | 37,740 | 40,000 | 94% | |||||
| Mailbox replacement, interior lighting | 11,010 | 15,000 | 73% | |||||
| Subtotal Construction/Capital Projects | 48,750 | 55,000 | 89% | |||||
| Total Expense | $1,213,382 | $1,380,985 | 88% | |||||
| Tax rebate for 2003 | 0 | $68,421 | 0% | |||||
| Net Income/(Loss) | -$304,396 | $956 | ||||||
Footnotes:
At the end of August 2003, the co-op had $227,821 in cash.
MINUTES OF THE ANNUAL MEETING OF SHAREHOLDERS OF
350 BLEECKER STREET APARTMENT CORP.
November 12, 2002
The Annual Meeting of Shareholders of 350 Bleecker Street Apartment Corp. was held on November 12, 2002, at 7:30 PM EST at Synagogue Darech Amuno, 53 Charles Street, New York, New York. Board members present were Gregory Colucci, Alfred Del Vecchio, Laura Herbert, Elizabeth Hochbrueckner, James Kafadar, Susan Kim and Mark Lilien. Mr. Andrew Brucker, an attorney from the firm of Schechter & Brucker, served as the Inspector of Elections. Mr. Brucker was assisted by Donna Degens. All shareholders attending the meeting were required to sign-in lieu of a roll call.
Notice (attached) was given of the meeting; there was no protest related to a lack of notice.
1. Opening remarks by Alfred Del Vecchio, who introduced the managing agent, Tudor realty, represented by Paul Morton and Anthony Collela. Mr. Del Vecchio also introduced Rick Montayne (the CPA from Marin and Montanye, the co-op's accounting firm.
2. Elizabeth Hochbrueckner presented a report on the co-op's current litigation.
3. Mark Lilien discussed the terms on the refinancing of the building's mortgage and financial issues.
4. Jim Kafadar discussed the status of construction projects in the building.
5. Alfred Del Vecchio discussed shareholder communications.
6. Laura Herbert gave a report on building security.
7. Alfred Del Vecchio discussed apartment sales. The top price paid in 2002 was $3,459 per share, a new record.
8. A motion was made and seconded that the reading of the minutes be waived. A majority voted in favor of the motion.
9. Questions were taken from the floor on each topic above. The shareholders cast their ballots. Mr. Brucker took possession of the ballots and announced that the following seven people received the highest number of votes: Greg Colucci, Al Del Vecchio, Laura Herbert, Elizabeth Hochbrueckner, Jim Kafadar, Susan Kim, and Mark Lilien. Below were the totals:
| Greg Colucci
Elizabeth Hochbrueckner Jim Kafadar Laura Herbert Susan Kim Mark Lilien Al Del Vecchio Cynthia Spry Kimberly Minarovich Maura Geils John Bruno Kenneth B. Newman Shirley Lomanto |
10,910
10,910 10,742 10,702 10,702 10,702 10,576 344 236 108 236 128 108 |
/s/ James D. Kafadar
James D. Kafadar, Secretary
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
Newsletter #169 Acrobat file Return to archive Newsletter #170
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350 Bleecker Street Apartment Corp.
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