Newsletter #197    Acrobat file    Return to archive    Newsletter #199

 

350 BLEECKER STREET CO-OP NEWSLETTER #198
February 18, 2007

The board met on February 13, 2007 and the Design Committee met on January 29, 2007. Among the items discussed:

DESIGN COMMITTEE

The windows facing Bleecker Street need to have a pattern so that pedestrians do not accidentally walk into the glass wall. The pattern can be seen on our website: http://www.350bleecker.com/design/window-decal.pdf.

The closet doors in the lobby will receive a natural birch wood finish without stain. The doors will not have handles.

The design of the doorman's desk was discussed. One committee member sent the current design to a second contractor for a competitive estimate.

A flush-mounted exterior light will be mounted at the main entrance. The light's profile will match the interior lights. The stray halogen lamp near the southwest of the ramp will be removed.

The drop ceiling covering the air conditioner was removed. The contractor had installed a ceiling that did not match the original plans. A new design will be discussed at the next design committee meeting on February 21, 2007 at 6:00 PM in the lobby.

LOBBY KEY UPGRADE

The new door key system will permit entry using an encoded card or key (to be given to each resident), and will not require a resident to insert their key into the lock. The system has a fail-safe mechanism permitting egress from the building in the event of a power failure.

Next month two key "fobs" will be given for each apartment in the building. The fob fits on a key ring and is more convenient than a magnetic card.

Most of the remaining lobby construction includes minor punch list items that should be completed soon.

BUDGET REVIEW

Once each year the board meets with Mary Frances Shaughnessy, one of the principals of Tudor Management, to review our annual budget. Mary Frances works with many co-op boards to kept abreast of significant events such as the recent rise in real estate taxes.

Inevitably the City raises our assessment each year, and the board hires a certiorari attorney (Walter R. Gelles of Tuchman, Katz, Schwartz, Gelles, Korngold & Weiss) to challenge the City's valuation of the building. The assessed valuation in 2005/2006 was $4,545,000; for 2006/2007 it had been increased to $5,895,000.

At a hearing before the Tax Commission, the proposed assessment was changed to $5,000,000, for a reduction of $895,000. The certiorari attorney receives about 17.5% of the net tax benefit ($107,978.12) for his work.

After a discussion about real estate taxes and the budget, the board discussed the general financial health of the building and our upcoming insurance needs.

APARTMENTS FOR SALE

 

350 Bleecker Street Apartments Corp.
2007 Budget
2006 2006 2007
Budget Actual Budget
Income
Maintenance 1,169,143 1,169,142 1,198,113
Abatement Assessment 75,000 76,726 80,000
Late Charges 1,000 7,500 1,000
Sublet Fees 13,992 17,700 17,000
Commercial Rent Income 96,674 86,000 86,000
Additional Commercial Rent 0 5,500 6,000
Laundry Income 11,416 14,218 14,000
Interest and Dividend Income 2,500 1,500 1,500
Bike Room 3,600 2,750 3,600
Storage 0 500 2,000
Repair Charges 1,000 0 0
Transfer Fees 80,000 102,600 0
Other Income 2,500 5,000 5,000
Total Income 1,456,825 1,489,136 1,414,213
Expenses
Payroll
Payroll Expenses 222,004 197,775 207,664
Workman's Comp 11,883 7,223 7,584
Health Benefits 39,858 37,958 34,688
Rawls Pension 15,000 15,000 15,000
Other Payroll 2,150 2,250 2,500
Payroll 290,895 260,206 267,436
Building Utilities
Heating Fuel 60,477 52,000 52,000
Electricity 36,395 32,000 34,000
Gas 10,625 11,026 12,500
Water & Sewer 31,038 22,500 25,000
Building Utilities 138,535 117,526 123,500
Building Services
Exterminating 3,200 3,357 3,500
Elevator Service 9,763 9,299 9,763
Cable TV 413 464 488
Fitness Center 1,000 379 1,000
Groundskeeping 12,000 12,500 12,500
Security System 0 270 0
Water Treatment 0 0 0
Uniform Cleaning 500 250 500
Building Services 26,876 26,519 27,751
Repairs & Supplies
Electrical Repairs 1,000 0 1,000
Elevator Repairs 500 0 500
Compactor Repairs 1,000 0 1,000
Heating Repairs 3,000 4,500 5,000
Painting Repairs 1,000 0 500
Plumbing Repairs 4,000 5,000 5,000
Intercom Repairs 0 0 0
Tenant Repairs 3,000 1,000 2,500
Other Repairs 11,000 6,500 10,000
Supplies 16,500 22,500 22,500
Repairs & Supplies 41,000 39,500 48,000
Management Fee 46,018 46,018 47,859
Accounting Fees 11,900 11,075 8,400
Legal Fees 9,000 10,000 10,000
Architects Fees 0 0 0
Engineering Fees 0 0 0
Inspection Fees 2,000 1,000 2,000
Other Consulting Services 0 0 0
Professional Services 68,918 68,093 68,259
Insurance
Multi Peril Insurance 67,373 53,561 56,239
Other Insuance 0 0 0
Insurance 67,373 53,561 56,239
Other Expenses
Mortgage Payment 250,325 250,325 250,325
Banking Fees 2 0 0
Licenses & Permits 2,000 3,000 3,000
Dues & Subscriptions 3,000 250 1,000
Other Expense 1,000 500 1,000
Meeting Expense 500 750 500
Other Expenses 256,827 254,825 255,825
Office Expense
Telephone 1,200 1,200 1,200
Beepers/Radio 0 0 0
Delivery/Messenger 450 1,000 1,000
Postage 50 0 50
Duplicating Expense 0 0 0
Stationery/Supplies 100 0 100
Other Office Expense 0 0 0
Office Expense 1,800 2,200 2,350
Taxes
Real Estate Taxes 492,873 507,611 548,265
Corporate Taxes 7,500 6,500 7,500
Taxes 500,373 514,111 555,765
Contingency 20,000 0 7,800
Reserve for Capital 0 0 0
Total Expenses 1,412,597 1,336,541 1,412,925
Surplus/(Deficit) 44,228 152,595 1,288
350 Bleecker Street Apartment Corp
January thru December 2006 Spending vs. Budget
(unaudited)
Jan thru
12/31/06
January thru 2,006 versus annual
12/31/06 Budget Budget
Income
Maintenance 1,168,669 1,169,143 100%
Special Assesment of Tax Rebate 76,726 75,000 102%
Late fees 7,155 1,000 715%
Sublet fees 17,052 13,992 122%
Transfer Fees (2% of sales price) 117,300 80,000 147%
Repair charges 0 1,000 0%
Shareholders Total 1,386,901 1,340,135 103%
Commercial Rent 86,000 96,674 89%
Additional Commercial Rent 0 0  
Commercial Tenants 86,000 96,674 89%
Closet/Storage Charge 500 0 0%
Hallway Space 237 0 0%
Bike Room 2,750 3,600 76%
Laundry Income 14,209 11,416 124%
Fees and Other Income 5,096 2,500 204%
Other Building Income 22,792 17,516 130%
Interest and dividends 1,839 2,500 74%
Total Income 1,497,532 1,456,825 103%
Expenses:
Payroll
Medical + dental insurance + ADP fees 47,647 42,008 113%
Payroll (incl Worker's Comp) 218,268 248,889 88%
Subtotal Labor 265,915 290,897 91%
Utilities
Gas for steam heat + hot water 60,008 60,477 99%
Electricity + gas for cooking 38,978 47,020 83%
Water & Sewer 13,444 31,038 43%
Subtotal Utilities 112,431 138,535 81%
Building Services
Internet Services 0 0 0%
Cable TV 464 413 112%
Exterminator 3,101 3,200 97%
Landscaping 13,911 12,000 116%
Exercise Room 379 1,000 38%
Elevator Service 9,299 9,763 95%
Uniform cleaning 235 500 47%
Heating and Water Service 858 0
Subtotal Services 28,247 26,876 105%
Repairs
Boiler, Plumbing, Compactor, A/C Repairs 7,927 5,333 149%
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 23,241 16,500 141%
Subtotal Repairs 40,445 41,000 99%
Professional Services
Management Fee (Tudor) 46,018 46,018 100%
Accounting 11,076 11,900 93%
Legal Fees 9,681 9,000 108%
Architect + engineer + inspection + consulting 545 2,000 27%
Professional Services Subtotal 67,320 68,918 98%
Insurance 42,878 67,373 64%
Other Expenses
Mortgage Interest & Principal 250,325 250,325 100%
Dues and subscriptions 2,912 5,000 58%
Other Building Expenses 119 1,000 12%
Subtotal Other Expenses 253,356 256,325 99%
Office Expenses
Phone 1,149 1,200 96%
Postage/Delivery 1,046 500 209%
Stationary 0 100 0%
Subtotal Office Expenses 2,195 1,800 122%
Travel and G&A 764 500 153%
Real Estate Tax 500,573 500,373 100%
Contingency 0 20,000 0%
Reserve for Capital Budget 0 284,000 0%
Total Expense 1,314,123 1,696,597 77%
Tax rebate for 2004 76,193 75,000 102%
Net Income/(Loss) 259,602 -164,772 -158%
Note: at the end of December 2006 the co-op had $436,228.65 in cash.

 

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