The increase will go into effect as of the March bill, and the January and February payments will be prorated over the next two months. The STAR abatement is available to resident-shareholders, and it has been shown as a credit on your January maintenance bill. Shareholders who are not receiving the STAR abatement, which is available on one residence in New York state, should go to www.nyc.gov, Department of Finance page, for information and an application form.

Note: One way residents can contribute to minimizing heat bills is by not widely opening their windows when the apartments get too hot, but rather turning down (or off) their radiators. Please ask Rifo if you have any questions about how to do this.

If you have any questions or comments about the budget, please feel free to discuss them with a board member within the next week. Everyone’s feedback will be discussed and then the board will finalize the budget.

THE BUILDING . The design committee selected, and the board approved, new lobby furniture. Two club chairs, and one love-seat, in dark brown leather, are due in February. . The new steps to the roof garden are completed. . In preparation for the new gym floor and equipment, most of the current gym equipment has been donated to the NYFD, the City Island squad, who did not have a budget for such equipment. This was a great boost for them. Our new equipment is on the way, and will be delivered as soon as the new floor (also on the way) is installed. . The double-bike racks have been installed in the gym bike alcove.

WELCOME

To new neighbors, Suzie Spaulding, on the 4th floor, and Talia and Eliot Dunsky, on the 1st floor. We look forward to seeing you at our upcoming roof parties.

DAMAGES

Residents are responsible for any damages to the building caused by themselves, and any of their visitors, guests, agents, or workers.

FEES

Following is a list of building fees:
     1) Purchase application (new): $250 (paid by purchaser)
     2) Sublet application: $250 (down from $500)
     3) Sublet: $3/share
     4) Late maintenance payment: $50
     5) Bike room: $120 yearly, per bike (up from $100)

MAINTENANCE PAYMENTS -- Avoid $50 late fee

Shareholders can automatically deduct maintenance payments each month. Please check the web-site for the form, or ask a board member.

COMMITTEES

If you are interested in participating, please contact members of the specific committee or any board member: Garden: Helen & Jack Katz; Gym: Maura Geils; Design: Rob Geils or Armanda Squadrilli.

FOR SALE

	350 Bleecker Street Apartment Corp
	2004 Budget vs. 2003 Actual
	(unaudited)
			2004			2003
			Budget			Actual
Income
Commercial Rent			$111,000			$61,873
Laundry Income			12,000			11,637
Transfer Fees (2% of sales price)			73,120			112,920
Maintenance 1			1,105,652			1,070,519
Bike Room			3,600			0
Interest and dividends 2			17,000			1,874
Late fees			1,500			1,750
Lockers 3			0			10,808
Repair charges			0			-35
Sublet fees			4,000			16,500
Application Fees 4			1,000			0
Subtotal other inc. (bike room thru app. fees)			27,100			30,898
Total Income			$1,328,872			$1,287,846
Expenses:
Real Estate Tax			$439,000			$424,644
Mortgage Interest & Principal			233,007			233,007
Other Taxes			12,000			8,960
Subtotal taxes and interest			684,007			666,611
Insurance			65,000			62,394
Management Fee (Tudor)			43,167			41,910
Legal Fees 5			50,000			560,930
Accounting			10,000			10,048
Bank charges			100			0
Dues and subscriptions			2,500			2,203
Internet site			500			100
Licenses, permits, violations, inspections, consulting			1,200			0
Misc			2,500			2,706
Phone			2,000			1,153
Postage			2,000			979
Printing			1,000			456
Security system			2,500			0
Subtotal all other (Bank Charges thru Security)			14,300			7,596
Total Administration			182,467			682,878
Medical + dental insurance + ADP fees			27,000			26,258
Payroll (incl Worker's Comp)			239,000			236,988
Subtotal labor (ADP thru Payroll)			266,000			263,246
Cable TV			300			303
Electricity + gas for cooking			28,000			30,370
Gas for steam heat + hot water 6			60,000			42,547
Water and sewer			20,000			13,453
Subtotal Utilities			108,300			86,672
Architect + engineer + inspection + consulting			5,000			4,085
Boiler, plumbing, a/c			7,700			7,395
Electrician			2,100			1,940
Elevator			10,500			9,318
Equipment repair			0			0
Exercise Room			2,000			0
Exterminator			2,000			2,128
Janitorial supplies			25,000			23,449
Landscaping			10,000			9,077
Other physical upkeep			11,000			10,209
Painting touch up + carpet repair			5,000			200
Uniform cleaning			600			387
Subtotal Maint & Repairs (Arch thru Uniform)			80,900			68,188
Contingency			20,000			0
Capital Projects +			50,500			59,772
Total Expense			$1,392,174			$1,827,367
Tax rebate for 2003			$62,000			65,123
Net Income/(Loss)			-$1,302			-$474,397
Footnotes:
	* At the end of December 2003, the co-op had $148,710.05 in cash and cash equivalents.
	1. The board has approved a 3.28% Maintenance Increase.
	2. We will receive a one-time mortgage refinancing dividend of $15,000.
	3. Two-year leases for lockers were paid in full in 2003.
	4. A $250 application fee has been approved for all apartment sales.
	5. The parking garage litigation is complete.
	6. Significant energy cost increases are expected.
	+ Upcoming Capital Projects
	Elevator Refurbishing
	Vent Cleaning		Gym Renovation and Upgrade
	New Lobby Furniture		Boiler Computer Replacement