Newsletter #186    Acrobat file    Return to archive    Newsletter #188

 

350 BLEECKER STREET CO-OP NEWSLETTER #187
February 25, 2006

The board met on January 10 and February 21, 2006. Among the topics discussed:

ELEVATOR CONTRACT

The elevator renovation project has been delayed until the custom controller is delivered to the contractor. The contract has been signed, and the work will begin in two months.

LOBBY RENOVATION

The drawings and floor materials have been on display in the lobby. The job has been filed with the Landmarks Preservation Commission. The final contract for the job should be finished in the next six weeks.

SUSAN KIM JOINS BOARD

Laura Herbert resigned from the board. Laura was responsible for the look of the website, and she worked to improve the roof garden and the gym. The board warmly thanks her for her many years of service to the building.

Susan Kim was invited by the board to fill the position left vacant by Laura Herbert. Susan rejoins the board after a three year vacation, when she served as the president of the board.

The current members of the board are listed on the website at http://www.350bleecker.com/contact.html

2006 BUDGET

The final budget was passed and is included below. If you have any comments on the budget, please feel free to contact any board member.

APARTMENTS FOR SALE

350 Bleecker Street Apartment Corp.
2006 Budget vs 2005 Forecast and 2004 and 2003 Actual Spending
(unaudited)

2006 2005 2004 2003
Budget Actual Actual Actual
Income
Commercial Rent 96,674 86,000 91,337 61,873
Laundry Income 11,416 14,273 8,340 11,637
Transfer Fees (2% of sales price) 80,000 11,440 114,830 112,920
Maintenance 1,169,143 1,135,244 1,106,262 1,070,519
Bike Room 3,600 3,475 0 0
Interest and dividends 2,500 3,298 1,557 1,874
Late fees 1,000 950 1,850 1,750
Lockers 0 13,912 -1,050 10,808
Repair charges 1,000 674 2,888 -35
Sublet fees 13,992 14,460 2,874 16,500
Application Fees/Misc income * 2,500 2,269 38,504 0
Subtotal other income 24,592 39,038 46,624 30,898
Total Income 1,381,826 1,285,995 1,367,393 1,287,846
Expenses:
Real Estate Tax 492,873 464,289 440,363 424,644
Mortgage Interest & Principal 250,325 250,325 250,325 233,007
Other Taxes 7,500 5,921 6,106 8,960
Subtotal taxes and interest 750,698 720,535 696,794 666,611
Insurance 67,373 64,591 62,971 62,394
Management Fee (Tudor) 46,018 44,462 43,167 41,910
Legal Fees 9,000 6,344 6,723 560,930
Accounting 11,900 10,323 9,980 10,048
Bank charges 2 2 3 0
Dues and subscriptions 3,000 2,814 2,748 2,203
Internet site 0 0 0 100
Licenses, permits, and violations 2,000 0 0 0
Misc 1,000 955 2,597 2,706
Phone 1,200 1,117 1,210 1,153
Postage/Delivery 500 713 1,174 979
Printing 600 889 2,323 456
Security system 0 0 0 0
Subtotal all other 8,302 6,490 10,055 7,596
Total Administration 142,593 132,210 132,896 682,878
  Medical + dental insurance + ADP fees 42,008 40,007 32,897 26,258
Payroll (incl Worker's Comp) 233,887 233,791 211,226 236,988
Subtotal labor 275,895 273,798 244,123 263,246
Cable TV 413 394 310 303
Electricity + gas for cooking 47,020 41,820 22,653 30,370
Gas for steam heat + hot water 60,477 48,382 48,363 42,547
Water and sewer 31,038 29,560 17,601 13,453
Subtotal Utilities 138,948 120,156 88,927 86,672
Architect + engineer + inspection + consulting 2,000 2,136 1,183 4,085
Boiler, plumbing, compactor, a/c 9,000 8,364 13,245 7,395
Electrician 1,000 178 540 1,940
Elevator 10,263 13,405 10,445 9,318
Equipment repair 0 0 884 0
Exercise Room 1,000 0 0 0
Exterminator 3,200 3,004 2,751 2,128
Janitorial supplies 16,500 16,332 19,562 23,449
Landscaping 12,000 11,560 9,452 9,077
Other physical upkeep 11,000 7,449 12,383 10,209
Tenant repairs 3,000 3,132 0 200
Uniform cleaning 500 68 702 387
Subtotal Maint & Repairs 69,463 65,627 71,147 68,188
Contingency 20,000 0 0 0
Capital Projects ** 284,000 66,683 79,867 59,772
Total Expense 1,681,598 1,379,008 1,313,754 1,827,367
Tax rebate for 2004 75,000 76,193 75,137 65,123
Net Income/(Loss) -224,772 -16,821 128,776 -474,397

Footnotes:

At the end of December 2005, the co-op had $420,965.71 in cash.
* Miscelaneous income in 2004 was bolstered by a non-recurring $35K dividend resulting from the refinancing of the building's mortgage.


** Capital Project Breakdown

Lobby Renovation                        $120,000
Elevator Renovation and Refurbishment   $160,000
Gym Upgrades                            $  4,000

 

Newsletter #186    Acrobat file    Return to archive    Newsletter #188

 


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