Newsletter #195 Acrobat file Return to archive Newsletter #197
350 BLEECKER STREET CO-OP NEWSLETTER #196
December 16, 2006
BUDGET MEETING
Each year after the board is elected, the first order of business is to determine the co-op's budget. These meetings are often the most controversial and complex of the year. Every board member is a shareholder and no board member enjoys raising the maintenance.
This year our maintenance will increase by 2.5% this year, for a total of $5.79 per share. For a one bedroom apartment, the increase is less than twenty dollars per month.
The managing agent, Tudor Realty, provides the board with an estimate of our utility costs and real estate taxes. Since Tudor Realty manages over eighty buildings in the city, they usually project these costs accurately. Our monthly mortgage cost is fixed. The building's utilities, taxes and mortgage represent the vast majority of our yearly outlays.
For the past several years, the real estate tax abatement has been "taken-back" and credited to the building. This is usually shown on your March maintenance bill in two line-items: the abatement and a corresponding "assessment" identical to the abatement, resulting in no out-of-pocket cost to our shareholders.
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 abatement, which is available to owners of one residence in New York state, should go to http://www.nyc.gov, Department of Finance page, for information and an application form.
There are no new major capital projects anticipated in the coming year. But the board has many requests each year from shareholders to improve the building. Naturally, each request must be looked at with an eye on the budget.
In addition to the charges discussed above, the 2007 budget includes these fees:
1. Sublet fee of $3 per share per month
2. Bike room: $120 yearly, per bike
3. Purchase application, to co-op: $250
4. Purchase application, to Tudor: $250
5. Sublet application, to co-op: $250
6. Sublet application, to Tudor: $250
7. Carpet inspection fee: 1st is free, subsequent inspections $250
8. Late maintenance payment: $50
9. Late assessment payment: $50
10. Lost gym key: $20
11. Transfer agent fee: $550 (applies to sellers only)
12. Tranfer fee: $300 if financing, $60 if not financing (for new buyers only)
13. Lost stock certificate: $150 plus legal search fee imposed by transfer agent.
Except for the replacement gym key price, none of the above fees were increased. The final budget will be included in next month's newsletter.
LANDSCAPING
The street planters needed a facelift in 2006, but was delayed until the elevator and lobby projects were finished. The board voted to spend $10,000 on landscaping around Bleecker, Charles and Tenth streets.
LOBBY PARTY
There will be a small party in the lobby on December 17, 2006 at 7:00 PM. We will decorate the lobby. Please bring cookies, wine and other refreshments!
350 Bleecker has a wonderful and caring staff. At this time of year, many shareholders give tips to our staff. Our staff members are:
Rifo Otovic, super since 1989
Armando Sanchez, doorman since 1989
Geoff Merrill, weekend doorman since 1993
Jaroslav "Yarrick" Drozd, porter since 2005
Anes Otovic, part-time doorman since 2005
350 Bleecker Street Apartment Corp
January thru November 2006 Spending versus Budget
(Unaudited)
|
Jan thru |
|||
|
11/30/06 |
|||
|
Jan thru |
2,006 |
versus annual |
|
|
11/30/06 |
Budget |
Budget |
|
|
Income |
|||
|
Maintenance |
1,071,280 |
1,169,143 |
92% |
|
Special Assesment of Tax Rebate |
76,726 |
75,000 |
102% |
|
Late fees |
6,985 |
1,000 |
699% |
|
Sublet fees |
16,104 |
13,992 |
115% |
|
Transfer Fees (2% of sales price) |
117,300 |
80,000 |
147% |
|
Repair charges |
0 |
1,000 |
0% |
|
Shareholders Total |
1,288,395 |
1,340,135 |
96% |
|
Commercial Rent |
78,833 |
96,674 |
82% |
|
Additional Commercial Rent |
0 |
0 |
0% |
|
Commercial Tenants |
78,833 |
96,674 |
82% |
|
Closet/Storage Charge |
500 |
0 |
-- |
|
Hallway Space |
198 |
0 |
-- |
|
Bike Room |
2,750 |
3,600 |
76% |
|
Laundry Income |
13,092 |
11,416 |
115% |
|
Fees and Other Income |
4,846 |
2,500 |
194% |
|
Other Building Income |
21,386 |
17,516 |
122% |
|
Interest and dividends |
1,627 |
2,500 |
65% |
|
Total Income |
1,390,241 |
1,456,825 |
95% |
|
|
|||
|
Expenses: |
|||
|
Payroll |
|||
|
Medical + dental insurance + ADP fees |
37,316 |
42,008 |
89% |
|
Payroll (incl Worker's Comp) |
191,838 |
248,889 |
77% |
|
Subtotal labor |
229,154 |
290,897 |
79% |
|
Utilities |
|||
|
Gas for steam heat + hot water |
53,349 |
60,477 |
88% |
|
Electricity + gas for cooking |
36,593 |
47,020 |
78% |
|
Water & Sewer |
13,444 |
31,038 |
43% |
|
Subtotal Utilities |
103,386 |
138,535 |
75% |
|
Building Services |
|||
|
Internet Services |
0 |
0 |
0% |
|
Cable TV |
425 |
413 |
103% |
|
Exterminator |
3,101 |
3,200 |
97% |
|
Landscaping |
12,502 |
12,000 |
104% |
|
Exercise Room |
379 |
1,000 |
38% |
|
Elevator Service |
8,524 |
9,763 |
87% |
|
Uniform cleaning |
235 |
500 |
47% |
|
Heating Service |
293 |
0 |
-- |
|
Subtotal Services |
25,459 |
26,876 |
95% |
|
Repairs |
|||
|
Boiler, Plumbing, Compactor, A/C Repairs |
7,057 |
5,333 |
132% |
|
Electrical Repairs |
0 |
1,000 |
0% |
|
Elevator Repairs |
0 |
500 |
0% |
|
Heating Repairs |
3,975 |
3,667 |
108% |
|
Painting Repairs |
0 |
1,000 |
0% |
|
Tenant Repairs |
3,338 |
3,000 |
111% |
|
Other Repairs |
1,964 |
10,000 |
20% |
|
Janitorial supplies |
20,855 |
16,500 |
126% |
|
Subtotal Repairs |
37,188 |
41,000 |
91% |
|
Professional Services |
|||
|
Management Fee (Tudor) |
42,183 |
46,018 |
92% |
|
Accounting |
10,376 |
11,900 |
87% |
|
Legal Fees |
9,681 |
9,000 |
108% |
|
Architect + engineer + inspection + consulting |
515 |
2,000 |
26% |
|
Subtotal Professional Services |
62,755 |
68,918 |
91% |
|
Insurance |
38,691 |
67,373 |
57% |
|
Other Expenses |
|||
|
Mortgage Interest & Principal |
229,465 |
250,325 |
92% |
|
Dues and subscriptions |
2,520 |
5,000 |
50% |
|
Other Building Expenses |
119 |
1,000 |
12% |
|
Subtotal Other Expenses |
232,104 |
256,325 |
91% |
|
Office Expenses |
|||
|
Phone |
1,032 |
1,200 |
86% |
|
Postage/Delivery |
1,046 |
500 |
209% |
|
Stationary |
0 |
100 |
0% |
|
Subtotal Office Expenses |
2,078 |
1,800 |
115% |
|
Travel and G&A |
764 |
500 |
153% |
|
Real Estate Tax |
457,616 |
500,373 |
91% |
|
Contingency |
0 |
20,000 |
0% |
|
Reserve for Capital Budget |
0 |
284,000 |
0% |
|
Total Expenses |
1,189,197 |
1,696,597 |
70% |
|
Tax Rebate for 2004 |
76,193 |
75,000 |
102% |
|
Net Income/(Loss) |
277,237 |
-164,772 |
-168% |
Footnote -- At the end of November 2006 the co-op had $473,758.42 in cash.
Newsletter #195 Acrobat file Return to archive Newsletter #197
Copyright © 2010
350 Bleecker Street Apartment Corp.
All rights reserved.