350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 30-A
FEBRUARY 8, 1991

At the Board meeting on January 8, 1991, in addition to the issues stated in Newsletter 30, the following issue was also discussed:

As has been discussed in previous newsletters, several board members want to convert the 24 by 36 foot storage room below the stores to an exercise room. Larry Zerbe and Mark Lilien have estimated the following $9,000.00 budget for the exercise room:

The board would like your reaction to this proposal. Over a dozen people have offered to help do the work. The cost works out to about $66.00 per apartment, and it is likely that the money would come from the building's reserve fund, which is currently over $100,000.00. Please slip your opinion, written below, under Mark Lilien's door (3E).

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Name:_____________________________________________________

Apartment:________ Are you a shareholder?_________________

My opinion on the exercise room project is:_______________

__________________________________________________________

__________________________________________________________

__________________________________________________________

__________________________________________________________

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 31
FEBRUARY 14, 1991

At the Board meeting on February 12, 1991, the following issues were discussed:

APARTMENT COMBINATION

The board provisionally approved a plan for the combination of apartments 4A and 4B.

EXERCISE ROOM

The board voted for the exercise room renovation. No assessment or maintenance increase will be needed for this purpose. No funds were voted for equipment. After the room is finished the board may reconsider the purchase of equipment. Among the concerns of the board were: possible equipment maintenance problems; theft; and not knowing what type of equipment will be donated by residents of the building.

Larry Zerbe will be doing the design and will purchase the materials on behalf of the building. He, Edna Marshall, and Mark Lilien will be among the volunteers who will help do the work together. The schedule is as follows:

Saturday, March 2 -- 9 A.M. -- Clean out the room by putting the trash into sidewalk dumpsters.

Sunday, March 3 -- 10 A.M. -- Painting.

Saturday, March 9 -- 9 A.M. -- Install mirrors and carpeting.

Sunday, March 10 -- 10 A.M. -- Miscellaneous (if needed).

Twenty-five volunteers helped build the roof garden, based on Larry's design and his purchasing the materials. A good time was had by all. It gave a great feeling of accomplishment, and many people met neighbors they'd never seen before. Please join us in this project by filling out this form and slipping it under Mark Lilien's door (3E).

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Name:_____________________________________ Apartment:__________

Dates you'd like to help:______________________________________

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 32
APRIL 2, 1991

At the Board meeting on March 12, 1991, the following issues were discussed:

The lobby attendant will be supplied with a two-way radio, which is part of the West Village Anticrime Radio Network. WVARN is a group of eight buildings on a common radio network, along with the police and Babba-12, a neighborhood anti-crime organization. The cost to our building is $500.00 ($450.00 for our radio, which is warranteed for three years, plus $50.00 as our contribution to the police department's radio, which is paid for by WVARN, not the city). The network is staffed by the various buildings, volunteers, and monitored by the police.

A Sunday 4:00 P.M. to midnight lobby attendant is still being sought.

Before giving out extra keys to your door and/or the lobby door, please consult with the management office at 319-3000. Under certain circumstances, the building staff must be notified in advance or admittance may be refused. Additionally, people living in your apartment temporarily must be pre-approved by the Board.

The room is now cleaned, carpeted, painted, and track lights have been installed. Mirrors will be put up in the next couple of weeks or so. Larry Zerbe's design includes painted silhouettes of the exercise room creators. If you have equipment to leave in the room, please contact Mark Lilien, 3E, telephone 929-4619.

The Board must approve all sublets in advance. This includes people related to shareholders subletting unrelated shareholders' apartments.

The bulbs planted by Larry Zerbe are coming up beautifully. Thank you, Larry!

Some replanting and minor repair is needed. If you'd like to help, please drop a note to Mark Lilien.

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 33
APRIL 16, 1991

At the Board meeting on April 9, 1991, the following issues were discussed:

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 34
MAY 20, 1991

At the Board meeting on May 14, 1991, the following issues were discussed:

Larry Zerbe put up several mirrors, and probably by the time you read this, all of them will be up. Several generous residents have left their equipment in the room. Kenneth Newman is donating an exercise bike. The front door key opens the door lock. People have started to use the room, particularly while their wash is being done down the hall.

The Board voted $1,000.00 to purchase some more equipment. It will be acquired used, from garage and apartment sales, etc. Elizabeth Edelstein, Edna Marshall, and Mark Lilien formed a subcommittee to make the purchases. If you have any suggestions, please contact any of the three.

Be sure to remove the outside a/c cover before turning on your unit!

Kenneth Newman has studios, 1 bedrooms, and a 2 bedroom for sale or rent (319-3000).

Edna Marshall has a studio with an eat-in kitchen for sale (645-2988).

Elizabeth Edelstein has a studio for rent or sale (718-921-6205).

If you have an apartment in the building for sale or rent, please drop a note to Mark Lilien, 3E, and I will put the notice in the Newsletter.

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 35
AUGUST 21, 1991

IMPORTANT NOTICE

RESIDENTS SHOULD NOT ALLOW ACCESS TO THE BUILDING TO UNKNOWN NON-RESIDENTS. AN UNFORTUNATE INCIDENT HAS OCCURRED WHICH GIVES RENEWED IMPORTANCE TO THIS WARNING. DO NOT ALLOW UNKNOWN PERSONS TO ENTER THE FRONT DOOR WITH YOU. DO NOT RESPOND TO INTERCOM CALLS UNLESS YOU RNOW WHO YOU ARE GIVING ACCESS TO.

The Board did not have a July meeting. At the Board meeting on August 13, 1991, the following issues were discussed:

ROOF REPAIRS

The slate parapet capstones require replacement. Bids were discussed, and a final decision on exactly which bidder to select will be made shortly. The work is expected to cost at least $30,000.00.

COMPACTOR

The incinerator will become illegal in the next year or so. Linda Jones, Mark Lilien, and Edna Marshall will review compactor bids. A compactor is likely to cost between $12,000.00 and $20,000.00.

The room is now finished. The front door key unlocks it.

Further negotiations continue. The Board requested major alterations (new dropped ceiling, double the ventilation, new lighting, etc.). Coinmach would like a longer lease and higher prices. Watch this space for the exciting outcome.

SUBLETS AND SALES

No one may move into an apartment without the Board's prior written permission and a damage deposit. From time to time, this rule is violated, and the apartment shareholder as well as the new tenant inevitably suffer. Once someone has moved into an apartment illegally, the Board will not approve their tenancy. This rule is in effect at virtually every co-op in the city. Without this rule, Board interviews would be meaningless. Every sublet and sale requires a careful interview with the Board. This is for everyone's protection, and everyone is treated equally.

Recently, this well-known rule and virtually universal policy was broken. The result, still not fully resolved, was extremely embarrassing and costly to all concerned.

Occasionally the tap water in our building turns brown for a few minutes, right after the faucet is turned on. Usually, this is accumulated rust and minerals from the street pipes. The rust is normally invisible, but large pieces become dislodged whenever (a) the city digs up the street pipes and repairs them or (b) a normally unused hydrant is turned on. Construction workers at 102 Charles Street (the old firehouse) used the hydrant nearby for several months, which caused the "brown water" condition to be aggravated.

The "solution" to the problem is to let the water run until it is clear. Sometimes the rust deposits partially block the shower head holes. If this occurs, please ask Mr. Cruz to remove the shower head so you can rinse it. The Board is checking bids on cleaning the building water tank. If you would like to buy a water filter or have your water tested, there is an excellent explanation with brand-name ratings and prices, in the 1991 Consumer Reports Buying Guide under "Water Treatment", page 195 to 209.

The roof to the garage is the back yard. Unfortunately, it is leaking. Some of the leaking appears to be caused by incomplete construction of the drains at 102 Charles Street. Kenneth Newman has written to the owner of 102 Charles about this. Additionally, some masonry repairs must be made to the three feet high by 95 feet long perimeter brick wall. Furthermore, the cracks in the concrete deck need re-tarring, and the whole deck needs to be painted with Thompson's Water Seal. The Board is getting bids on this work. The garage owner has volunteered to pay half the cost, even though he is not obligated to do so.

The Board will get bids on repairing the front sidewalk wall masonry. Additionally, a rain gutter needs to be installed between the sidewalk awning and the building wall.

REAL ESTATE TAXES

Our tax bill came to $291,336.56. In 1990, the tax was $278,329.00. Our budget for this year was $280,000.00. Luckily, the $11,000.00 increase over the budget is likely to be covered by unbudgeted income. This income has been $9,200.00 so far this year.

The unbudgeted income items include (through June 30, 1991):

Real estate taxes are about 30% of our $950,000.00 annual budget. The mortgage is another 30%. Labor and utilities are about 25%. Insurance accounting, office, and management fees are another 10%. Repairs are budgeted at 4%.

On the income side, maintenance charges are 87% of our budget. The rest is from commercial rents (the stores, garage, and laundry). Whether the stores are occupied or not, the owner must pay the rent. Our real estate tax attorney, Eric S. Weiss, attended a hearing to request a tax reduction. Unfortunately, the request was denied. We will probably file a petition for tax reduction shortly. Mr. Weiss challenges the real estate tax assessment every year. If our taxes are not decreased, we pay him nothing. If he is successful, we share the savings with him. He has been successful in the past.

Certain slate window ledges leak. Bids are being sought for caulking them.

Bids are being sought for the fire escapes to be repainted, as well as "touch-up" painting for the hallways.

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 36
SEPTEMBER 26, 1991

The Board met on September 10, 1991, the following issues were discussed:

The brick facade of the building will have to be inspected in the next few months. The inspector will look for loose bricks, cracks in the mortar, etc. The building pays for the inspection. It is likely to cost around $2,000.00.

The City requires that we install a meter for the building (not for each apartment) by December 1992. This is likely to cost around $15,000.00, although no recent bids have been received.

If there are leaks around your window sills, please call Shirley Lomanto at (212) 319-3000. She will have the sills caulked.

The Board was asked to approve the purchase of an apartment by two people, only one of whom was going to live in the building. The non-tenant partner was merely an investor. The Board decided that an interview was required of both purchasers, even though one was not going to live in the building.

Apartment 4A and 4B are each owned by the same person, who requested that the Board approve combining the two apartments by removing the wall between them, and performing other renovation work. Subject to certain procedural rules, the plan was approved.

The owner of 102 Charles Street connected his drainpipes correctly after Kenneth Newman wrote a letter to him.

When someone rings the intercom bell, it is critical to find out who that person is before buzzing him/her in. Unfortunately, someone (who didn't ask) buzzed in a mugger who robbed a resident.

As a partial response to this problem, the Board authorized Mark Lilien to assemble a closed circuit TV system for the lobby for about $2,000.00.

The building's cash position was discussed. Our cash flow is uneven because our real estate taxes, which are 30% of our budget, are paid only twice a year. We go to a very low cash level immediately after paying the taxes in July and December, and usually build up our cash level in the other months. As mentioned in the last newsletter, the taxes are $291,000.00 this year.

The cash on-hand at the end of each month during 1991 is shown below:

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 37
NOVEMBER 4, 1991

The Board met on October 8, 1991, the following issues were discussed:

The incinerator will be replaced with a compactor, for which the Board is taking bids. The incinerator cannot be used anymore, since it failed its inspection, and repairs appear uneconomic.

GUESTS OF SHAREHOLDERS

When a shareholder (or a member of the shareholder's immediate family) is not living in the building, the apartment may not be temporarily occupied without the Board's written approval in advance, which may require an interview. Merely handing the building staff or the office or the Board members a letter announcing the person's imminent arrival is not enough. Merely giving the key to the apartment to the guest also is not acceptable. In the recent past, shareholders temporarily out of town have attempted to lend their apartments to guests, without getting the Board's approval in advance. By reserving the right to interview people in advance, the Board can help preserve the building's character and atmosphere. Therefore those of you wishing to have a guest (whether or not related) should request the Board's permission in writing stating:

    a) name(s) of guest,
    b) inclusive dates of visit,
    c) relationship of guest to resident,
    d) purpose of apartment use if other than residential, and
    e) availability for interview if required.

Please give the Board sufficient time to examine all requests.

ALTERATIONS

There will be a wall removed in 3J, as part of a Board-approved renovation. All construction must be OK'd by the Board in advance. An architect or engineer must certify that the work will not harm the building structurally and the work must be approved by the Building Department.

CASH

In the previous Newsletter, some information was accidentally omitted. The building's cash balance was:

As noted in the previous Newsletter, the building generally increases its cash in most months, except when paying the real estate taxes ($291,000 annually) in July and December.

The annual meeting of shareholders will be held at Our Lady of Pompeii Church, 25 Carmine Street, on Tuesday, November 12th at 7:00 P.M. A new Board will be elected and there is sure to be an interesting discussion of the year ahead.

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 38
NOVEMBER 18, 1991

Several topics were discussed at the annual meeting of the shareholders on November 12, 1991, the following issues were discussed:

The recent decline in the real estate market nationwide is reflected in the market for apartments in out building. Typical sales have been at the $900.00 to $950.00 per share level, but there have been only a few sales. Sublets have been renting at moderately good prices.

The Sponsor now owns 59 of the 137 apartments. Seven of the 59 are either for sale or sublet. Two are under contract for sale. Only a two bedroom apartment is immediately available.

There were seven candidates for the seven positions. Elected were:

The Board thanks Elizabeth Edelstein and Larry Zerbe for their service and wishes them well upon their retirement as board members.

Larry Zerbe took out the plants in the sidewalk tree plots and replanted the bulbs. Thank you, Larry!

Mr. Kim's video store will open in several months, after certain alterations (ramps for the handicapped, etc.) are installed. The building receives rent from the master leaseholder, regardless of whether the stores are occupied or not.

The building's cash position was discussed extensively. The new Board, after meeting with the accountant in December, will adopt an annual budget for maintenance. At that time, the Board will discuss the best ways to fund the building's requirements. In the past, the methods have included: sublet fees; interview fees; assessments; maintenance fees; rent from the laundry company; and flip taxes.

Some shareholders at the meeting felt that a larger cash fund would make the building more attractive to potential buyers and would be safer in case of an emergency. Some speakers expressed the opinion that maintenance should be kept as low as possible. Some people felt that assessments were a better method than maintenance increases and, of course, some people favored the opposite.

HAPPY THANKSGIVING!

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 39
DECEMBER 6, 1991

The Board met on December 4, 1991. Among the items discussed:

The 1992 budget was adopted:

*9.375% of certain building operating expense increases.

**Tax deductible item.

The Board voted to keep the $4.00 maintenance fee per month per share. There are 17,202 shares, so the maintenance will come to $825,696. The $13,000 shortfall ($838,600 less $825,696) will be made up by sublet fees, interview fees, flip taxes, and interest. The latter four items were $13,003 in 1990 (12 months), and $14,560 in 1991 (first 10 months).

Furthermore, the Sponsor intends to pay its maintenance fees for January, 1992 a few days early, to ease the end of 1991 cash shortage. The Sponsor made this offer without any quid pro quo. There is no legal requirement for him to do this. The building will pay its real estate taxes six months in advance (at the end of December), as it has since it was a co-op. By paying the taxes six months in advance, the shareholders gain an extra $73,250 in tax deductions. Otherwise, the taxes would be paid quarterly in advance.

This is a comparison of our cash position at the end of the past 22 months:

As a result of its Goncern about the building's cash position, the Board voted to assess each shareholder $6 per share, starting February 1, 1992. Shareholders may spread their payment at the rate of 60 cents per share over 10 months, starting February 1, 1992.

The assessment will raise $103,212.

The Board was especially concerned because the following improvements will be needed in 1992 (prices are estimates):

Compactor                        $12,000
Parapet and masonry repairs       20,000
Water meter                       15,000
Hallway painting touch-up          5,000

Total                            $52,000