350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 21
FEBRUARY 9, 1990

The Board met on February 6, 1990. Among the items discussed:

Everyone in the building will be given a listing of the procedures designed to maximize our security and convenience. If anyone has additional suggestions after reading the booklet, please contact any board member.

Maintenance is due on the first of each month. If a check arrives after the tenth of the month, the postmark is checked. If the postmark is the fifth of the month or before, the late payment is not penalized. Otherwise there is a $50.00 per month late fee.

If the fifth is a holiday, then to avoid the late fee, the postmark must be before the fifth. Similarly payments must be received by the tenth regardless of whether that day is a weekday, weekend day or holiday.

Note that only post office post marks are checked. Postage meter dates are ignored.

If you are going to be out of town, you can always send in your check early, with a note attached, and it will not be deposited until the first if you date it the first of the month. You can also instruct your bank to make an automatic "checkless deposit" the first of every month.

The leak previously thought to be minor (and fixable when the weather became warmer) suddenly turned into a major problem. That is why the heat was shut off for two days. Unfortunately, the boiler can only be repaired while shut down completely. It is hoped that no further boiler shutdowns will be needed his winter.

The building will have professional mailbox labels made, similar to the intercom labels.

Larry Zerbe volunteered to shop around for gardening supplies to improve the Bleecker Street tree plots along the curb. Larry also needs volunteers to help with the installation. If you'd like to help, please call him at (212) 627-8250.

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 22
MAY 1, 1990

The Board met on May 1, 1990. Among the items discussed:

The small spotlights attached to the lobby ceiling are running too hot. As a result, the ceiling is getting black carbon smudges. The Board voted to install a dimmer to reduce the light slightly, which will also cool down the bulbs.

Two board members, Larry Zerbe and Mark Lilien, volunteered their labor to build a 1200 square foot deck on the roof, above apartments 6E and 6D. (This is the northwest corner of the roof.) Larry volunteered to design the deck at no cost to the building. The Board voted $10,000.00 for construction materials (weather-resistant lumber, screws, etc.) and outdoor furniture (park benches, planters, etc.). Mark and Larry are requesting other volunteers to help them so that the deck can be built before the weather gets too hot to enjoy the construction. Larry is an interior designer who does cabinet work and Mark was part of a crew who built a theater in upstate New York, so both feel capable of doing an excellent job. It is estimated that the deck will last at least 10 years.

If the building had to pay for the volunteer labor, it is likely the deck cost would double ($20,000.00).

The cost of the deck is significant (the $10,000.00 works out to about $77.00 an apartment). However, arguments for the deck include: the savings due to the donated labor; less wear on the roof since people are sunbathing on it already and tar was not meant for this traffic; and the enjoyment the deck can bring to those who'll use it. The building has approximately $100,000.00 in its capital fund at present, so the cost of the deck would come out of that fund.

The Board would like shareholders to comment on the roof deck project. If a significant number of shareholders (more than 25%) write to the Board (c/o Kenneth Newman, 488 Madison Avenue, New York, New York 10022) and the majority object to the deck project, the Board will reconsider its installation at the next meeting. Due to concerns about the weather, however, the Board requests shareholder comments to be received by 5:00 p.m., May 18, 1990. If less than 25% of the shareholders write to the Board or if the majority do not object (if more than 25% write in) then the project will go ahead. Note that 25% of the shareholders equals only 17 people, so every letter mailed advising the Board is important.

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 23
MAY 25, 1990

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 24
JUNE 12, 1990

The Board met on June 12, 1990. Among the items discussed were:

The Coinmach lease is being renegotiated by the Board. If you have suggestions, please contact Mark Lilien, Apt. 3E, 929-4619.

The lock cylinders to the front door, garage doors, and laundry will be replaced with Medeco cylinders. Each of the new locks will be keyed identically. New keys will be issued by the building staff as soon as the cylinders are purchased. The present front door lock is worn out. Furthermore, the doors to the roof will be alarmed. The alarms will be disabled by the same Medeco keys as the front door.

A reminder about the front door: when someone buzzes the intercom, please ask who it is before allowing anyone into the building. Even when you're expecting someone, the person at the door may not be a "welcome guest".

Bicycles can be stored for the season or the year for $15.00 each. This is actually "dead storage", not for daily or weekly entry, since Mr. Cruz will have to unlock the room each time you need your bicycle.

A grad student is looking for a sublet. Call Robin Pasch, 645-7356.

The Board unanimously adopted the following rules. If you have any comments or suggestions please contact any board member.

The entire deck is open to all shareholders and residents at all times.

Walking on the tarred area or fire escape, smoking, running, pets, ball playing, unsupervised children under age 14, use of the South entrance (Tenth Street side), sitting on the parapet wall, cooking, throwing anything off the roof, littering, playing a radio or TV or other sound device operation without headphones, are all prohibited.

Personal property may not be left on the deck when you leave.

There may be no parties or events without Board approval in advance.

Guests may be invited to use the roof as long as the resident or shareholder is present and the number of guests at any one time per apartment is less than seven. (If two or more people live in one apartment, then the maximum number of guests is still less than seven. If apartments have been joined together, the maximum is less than seven for the total.)

Violations of the rules may subject the shareholder or resident to a $100.00 fine per incident and/or other penalties including restitution and/or lease termination.

About 25 people so far have worked on the roof deck. Further sessions are scheduled for 9:00 A.M., Saturday, June 16th, and Sunday June 17th, if needed. Come up to the roof and help --it is a lot of fun.

All residents were previously given rules for the security of the building. These rules contain an omission which the Board wishes to clarify. On the first page of the rules, it is indicated, guests may enter a resident's apartment upon advance notice, in writing, to the superintendent. This was an error. Visitors, when a resident is not home, may have access for limited purposes only (such as delivery, maid service) not for use and occupancy as living quarters. Prior Board approval is required if you wish a guest to use your apartment in your absence.

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 25
JULY 27, 1990

The Board met on July 10, 1990. Among the items discussed were:

Mr. Cruz has a second key for the front door for you if you need one. Note that the laundry is open 24 hours for your use, as long as you open it with the front door key.

Every incinerator has a sign warning against using it for explosive items (spray cans, paint cans, etc.) Because someone ignored the sign, an explosion took place which blew out one of the incinerator doors. Until repairs are finished, the incinerator is out of commission. Luckily, no one was hurt in the explosion. Please abide by this rule for the safety of all of us.

The Board is studying how recycling of glass, cans, paper can be better handled in our building.

The roof doors will be alarmed shortly. The door to the deck will be keyed to the front door key. Unauthorized people entering the roof will set off the alarm.

To sublet or sell your apartment, your sublet tenant(s) or purchaser(s) must be interviewed by the Board. Note that these applications require that each Board member have, in his or her possession, all required documents at least one week before an interview will be scheduled.

The Board has approved a garage sale, to take place September 15th and 16th. The tentative plan is to use the backyard of the building, allowing people to enter via the Charles Street gate. The garage sale sellers would poster the neighborhood a few days in advance of the sale, which would be from 11:00 A.M. to 5:00 P.M. Everyone participating would donate at least 20% of the monies collected to the charity of his/her choice. The charities would be listed on the posters. Only people living in or owning shares in 350 Bleecker Street would be allowed to sell anything in the sale. Basically, this would be a way for everyone in the building to get rid of old books, clothes, furniture, luggage, art, etc. and raise money for worthy causes simultaneously. Every seller would run his/her own booth or table and collect his/her own money.

If you are interested in this, please fill out the form below and give it to Mark Lilien, 3E or slip it under his door.

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Name__________________________________________________________

Apartment _______________Phone Number(s)______________________

Items to Sell_________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

Charity_______________________________________________________

Comments/suggestions__________________________________________

______________________________________________________________

______________________________________________________________

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 26
OCTOBER 3, 1990

The Board met on September 11, 1990. Among the items discussed were:

Lease renewal negotiations are continuing.

The rules for the use of the roof clearly state that no more than six guests are allowed on the roof simultaneously. Any exception to this rule requires written Board permission in advance and the Board reserves the right to deny such permission. Additionally, a fee of $2,500.00 must be paid in advance, and the Board reserves the right to refrain from allowing a party to take place, regardless. The Board also may waive the fee if an application to do so is made in advance.

The Board discussed the feasibility of converting one of the basement rooms into an exercise room. It would be renovated (carpeted, mirrors on the walls, etc.) and there would be a stationary bicycle, treadmill, Nautilus machine, etc. The room measures 24 feet by 36 feet and is located underneath the corner store space. It is presently used to store obsolete maintenance parts, many of which can be discarded or stored elsewhere in the building. The renovation work may be done wholly or partly by volunteers, in a similar fashion to the roof deck project.

If you are interested in helping to plan and/or build and/or use this type of facility, or have any comments, pro or con, please fill out the slip attached and put it under Mark Lilien's door (3E).

--------------------------------------------------------------

NAME_____________________________________ APARTMENT NO._______

PHONE NUMBER_____________________________

COMMENTS______________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 27
NOVEMBER 5, 1990

The Board met on October 9, 1990. Among the items discussed were:

It was decided not to join a fuel co-op at this time, due to the insecurity of supplies. Hess, our present supplier, is very competitive and has been reliable. A switch to gas, via cogeneration, was discussed, and is being actively investigated. Mark Lilien and Edna Marshall (Apt 1A) will visit another building which already converted. The system generates heat and electricity simultaneously, using natural gas. The board also voted to have the furnace analyzed, for about $500. It may need a "tune-up".

The Board received a bid of $26,000 to replace the roof, and guarantee the new roof for 10 years. The bid was incomplete, though, as it didn't include the parapet capstones. Further bids are being pursued.

Over $3,000 has been billed for intercom repairs this year. A typical intercom repair costs the building $90 for labor and $100 for parts. If your intercom is not working properly, please call Ken Newman at 319-3000. A new intercom system will cost over $10,000.

Mr. Calzadilla will be around to re-grout bathtubs that are leaking into the building walls. If your tub, at the line where it meets the wall, is not completely sealed with grout, please call Ken Newman.

Lightoiler, the manufacturer of the ceiling fixtures, will be sending us new fixtures of a different type, free. The electrician will be installing them free, as well. The present fixtures are incorrect for this use.

The sidewalk awning will be replaced, at a cost of about $1,300. Mike and Dee Mendelson (5N) got the building this wholesale price. The usual price is $3,000. The new awning will be guaranteed (5 years - materials, 2 years - labor).

The bar at 368 Bleecker, owned by Juan Vilca, repeatedly sets off its alarm and disturbs the neighborhood. The board is writing to Mr. Vilca, via the State Liquor Authority, about this problem.

The Board voted to add earthquake and flood insurance to the building's policy, at a cost of about $1,500 annually, for $6.3 million coverage, with a $25,000 deductible. This decision was based on a New York Times article (10/24/89) analyzing the likelihood of earthquake damage to buildings of this type in New York City. Although earthquakes in New York are rare, it increasingly appears that the risk is significant. The city is adding seismic standards to its building code as a result. This will raise our insurance budget about 4%.

Our shareholders meeting will be held on November 12, 1990, 7:00 P.M. at Our Lady of Pompeii Church, 25 Carmine Street, New York, New York 10012. At this time, a new Board will be elected.

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 28
NOVEMBER 19, 1990

The annual shareholder meeting was held on November 12, 1990. Meeting highlights:

There were 9 candidates for the 7 positions. Elected were:

Kenneth Newman, President
488 Madison Avenue
New York, New York 10022
Home: 688-8248
Work: 319-3000
Fax: 752-0097

Elizabeth Edelstein
314 85th Street
Brooklyn, New York 10011
Home: (718) 921-6205

Edna Marshall
Apartment 1A
Home: 645-2988

Mark Lilien, Vice President
Apartment 3E
Home: 929-4619
Work: 633-3401
Fax: 645-6929

Larry Zerbe
230 Black Forest Road
Glen Spey, New York 12737
Home: (914) 856-6908
Work: 724-2800


Robin Pasch, Treasurer
Apartment 3G
Home: 645-7356
Work: 490-9000 (Ext. 5800)
Fax: 916-4877

Linda Jones, Secretary
Apartment 5L
Home: 924-0595
Work: 969-6555
Fax: 969-6100

The outgoing board is profoundly grateful for the participation of Linda Schloss, who requested retirement from her position. Linda Schloss has been a board member since the board's start. Her commitment has been outstanding.

Over 25 shareholders attended the meeting, and there were over half a dozen proxies as well.

Kenneth Newman stated that apartments were selling for about $1,000.00 a share recently. The sponsor owns 65 apartments of our 137 total. Of the 65, 3 apartments are for sale and one other is under contract. Ken pointed out that on the board, he only casts one of the 7 votes. Additionally, the sponsor doesn't influence the outcome of the board election because the sponsor has not voted its shares.

It was noted that the building receives rent for the empty store, since the leaseholder must pay rent regardless of the store's occupancy.

A straw poll was taken on the lobby attendant staffing issue. Currently, about 3% of the monthly maintenance fee goes towards paying the lobby attendant. Each additional 40-hour work week would cost each shareholder an added 3% to the monthly maintenance. It appears from the poll taken at the meeting that the majority of shareholders would favor adding one more 40-hour work week. The poll also asked about adding no shifts (leaving things the same) or adding 3 more 40-hour work weeks (24-hour 7-day service, which would be a 9% maintenance increase).

Blue recycling cans were placed in the building by the Sanitation Department. These cans are for glass, cans, etc., not for fragrant "regular" trash or newspapers. The Sanitation Department representative promised to fine the building if the rules aren't followed. Note that fines are not tax deductible. Within the next 2 years, the incinerator will have to be replaced with a compactor, at a cost of about $15,000.00 to $20,000.00.

Boiler replacement was discussed, along with cogeneration. A new boiler could cost $90,000.00. Mark Lilien and Edna Marshall are attempting to explore cogeneration as a better alternative.

The fourth floor carpet has been stained. If the carpet cleaner who comes 3 times a year cannot remove the stain, the board will consider the carpet's partial replacement.

There was a discussion of possible maintenance increases. About 1/3 of the maintenance goes for local taxes. As the city finds it more and more difficult to balance its budget, it is likely that our taxes will rise, and so will the maintenance.

Roof, parapet capstone, and window sill replacement were described at the meeting. Estimates are being taken for this work. Estimates are also being taken for asbestos removal (or partial removal) from the basement. Removal of the asbestos from the room below the stores (the possible exercise room) will cost about $5,000.00, for example.

A question arose about storage. Please contact Mr. Cruz or Shirley Lomanto about storage in the basement.

Have a Happy Thanksgiving!

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 29
DECEMBER 26, 1990

The Board met on December 11, 1990. Among the issues discussed:

1991 BUDGET

Most of the meeting was spent on the annual budget. A review of proposed revenues and expenses with the accountant present led the Board to decide on raising the monthly maintenance from $3.80 to $4.00 per share monthly effective January 1, 1991. The maintenance was last raised in January, 1988. The most significant items were:

Fees and interest are usually budgeted at "0" since they cannot be predicted. These monies become part of our "cushion" against unexpected costs.

Oil costs and real estate taxes were subjects of a long debate among the board members. Recent oil prices are 60% higher per gallon than this time last year. On the other hand, the computer and certain pipe replacements have reduced oil usage. Furthermore, New York City has not yet set the annual real estate tax rate and is having trouble balancing its budget. The majority of the board set the maintenance fee assuming the budgeted amounts shown above. Should these two items (oil and taxes) cost the building more than budgeted, the board may be required to reconsider maintenance payments in the late spring or early summer.

Furthermore, maintenance may be affected by a decision to increase lobby attendant coverage hours. Please see the end of this newsletter for details.

Note that regardless of the fact that the stores remain empty, the building nonetheless collects rent from the investors that lease the space.

Our payroll has risen due to the lobby attendant we now employ. We didn't have one in 1989.

LOBBY DECORATIONS

The Board thanks Larry Zerbe for the terrific Christmas decorating and Judith Kahn for the Hanukkah menorah.

The Board thanks Larry Zerbe for acquiring and planting dozens of bulbs which should appear this Spring.

The building will soon put the blue Department of Sanitation cans into the basement and use recycling bins in each incinerator closet. The bins will be for glass, plastic bottles and cans. Please continue to leave the newspapers on the floor of the closet. The recycling bins have been ordered, and should be delivered soon.

The Board voted to ban clothes washers and dryers from being installed in apartments. The noise, vibration, leak possibilities and venting problems were factors in this decision.

Many people in the building want to have better lobby attendant coverage. Unfortunately, this can be the cause of increased maintenance charges. The board will consider this issue at its next meeting in January. You can help decide by completing this survey for the Board's guidance.

Please fill out this survey form and return it to Mark Lilien, 3E, as soon as possible.

The lobby attendant costs the building about $12 per hour, including benefits. This amounts to $25,000 for 40 hours per week, 52 weeks per year. There are 17,202 shares, so an additional 40 hours per week of coverage would cost $1.45 per share per year (12 cents per share per month).

Please check off all the alternative you would agree with:

____

____

____

____

NAME_________________________________________ Apt.________

Note: Only shareholders are invited to participate in this survey.