350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 41
FEBRUARY 28, 1992

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 42
March 18, 1992

The Board met on March 10, 1992. Among the items discussed:

Several companies bid to fix up the room and install new equipment. None of the bids involved raising the price of washing or drying. Kenneth Newman and Mark Lilien will finalize a contract shortly.

Both Liberty Cable and MCTV have offered to rewire the building for additional channels. According to MCTV, 70 apartments now subscribe to cable TV. The Board is still negotiating with both companies. The objectives are: (1) lower cost for equal service; and (2) getting the cable company to paint the hallway moldings to be installed.

The Board voted to issue a 14-day lease termination notice to someone who has not carpeted his apartment, and who is allowing his subtenant to hurt his neighbor due to excessive noise.

This is a comparison of our cash position so far this year, versus the same months last year:

                        1992          1991

January 31          $38,084.00     $33,768.00
February 28         $88,710.00     $55,493.00

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 43
APRIL 17, 1992

The Board met on April 14, 1992. Among the items discussed:

Coinmach will be discontinued in 60 days or less. The new operator will supply eight washers and eight dryers, all new. After the new installation, the door will be locked using the front door key from midnight to 7:00 A.M. Anyone wishing to use the laundry will simply have to use the front door key.

Ken Newman will distribute some additional information on Liberty Cable. It is the consensus of the Board that their deal is far superior to MCTV because:

Anyone who dislikes Liberty will still be free to order MCTV and pay their $21.00 monthly charge. Unfortunately, MCTV's rewiring work will damage the hallway paint and MCTV has refused so far to pay for this.

The "catch" in the Liberty offer is that they charge 137 apartments times $12.00 per apartment = $1,644.00 as a fixed fee per month. If 120 people subscribe, not 137, then the cost would be $1,644.00 divided by 120 = $13.70. If 100 people subscribe, the cost per person would be $16.44. If 50 people subscribe, the cost per person would be $32.88.

Right now, 69 people subscribe to MCTV. If 79 people or more want Liberty, then everyone saves money. If less than 79 people want Liberty, then it is more expensive.

Ken is writing to MCTV suggesting that they cannot ignore their liability for damaging the hallway paint job because of their rewiring .

The Board hasn't made a final decision on the cable TV issue. Additional material from Ken Newman will be forthcoming in the next week or two. The Board may ask Rifat Otovic to ask everyone certain survey questions about this issue, as they come in the door.

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 44
MAY 18, 1992

The Board met on May 18, 1992. Among the items discussed:

The lobby and exercise room will each be air conditioned. The installations, including equipment and labor, will cost approximately $3,600.00 plus tax.

Be sure to remove your outside cover before using your air conditioner, or damaging water leaks may occur.

Over $150,000.00 has been spent by the lessee to bring the stores up to the most recent building code. Construction for the video store is likely to be finished in the next four weeks.

For a couple of weeks, certain apartments did not receive enough hot water consistently. The problem appears to be fixed. It was the recirculating pump motor.

So far, the initial questionnaires received are quite favorable towards Liberty. Of 38 non-Board people voting, 27 favored Liberty. Six never want cable TV, four only want MCTV, and one person's response did not specify what he preferred. The Board really needs more responses to make a good decision on this issue. If you have not yet handed your questionnaire to the doorman, please do so.

Judith Kahn and Edna Marshall have formed a Storage Committee. They will check out the purchase of storage bins, to be installed in the basement. Additionally, Mr. Cruz will immediately dispose of all old refrigerators and stoves he is storing, and no further stoves and refrigerators will be stored.

The brick work and related roof work by Summit should be finished in one to two weeks. Certain work will be performed on Sunday, from 6:00 A.M. to 2:00 P.M., at the garage entrance. The work must be done when the garage is least busy. Luckily, no apartments are near the garage entrance.

The building charges 2% of the sale price of any apartment (the "flip tax"). The money goes to our reserve fund. An apartment, now owned by two people may be purchased in its entirety by one of the two owners. In other words, one half-owner sold his interest to the other. The flip tax will be charged on one half the value of the apartment.

The most common problem the Board hears about is noise from adjoining apartment. A shareholder sublet his apartment to someone who did not carpet properly and who played loud music, to the detriment of the downstairs neighbor. Luckily, the sublet tenant will soon be moving. The Board initially informed the shareholder that his lease would be terminated if the problem continued. Although the problem continued, there was some improvement.

As a result, the Board will inform this shareholder that he may not sublet his apartment any more until he installs wall-to-wall carpeting, with 60 ounce hair and jute padding, to be inspected by a Board member. Furthermore, his next sublet lease may be for no more than six months (instead of the usual one year). It is the responsibility of a shareholder subletting his or her apartment to be sure that the sublet tenant doesn't create a nuisance.

The Board thanks Jack and Helen Katz, Dusty Maddox, Giselle Peiro, Eduardo Kunz, Becka, Sally Kastman, Cathy Hoge, and Rick Mientra who planted the roof and the sidewalk. Jack and Helen Katz bought the plants, which cost the building $319.00.

The Board is purchasing three new benches, for about $250.00. They should be delivered in the next two to four weeks, and will need to be assembled.

Note that the rules for use of the roof garden are posted on the stairway wall. Parties of seven or more, unauthorized by the Board, will be charged $2,500.00.

Someone threw a flammable liquid, possible gasoline, down the compactor chute. Luckily, there was no fire or explosion. Anyone caught doing this will have his/her lease terminated by Board.

CASH POSITION

This is a comparison of our cash position so far this year, versus the same months last year:

                        1992           1991

     January 31      $38,084.00    $ 33,768.00
     February 28     $88,710.00    $ 55,493.00
     March 31       $124,574.00    $ 65,950.00
     April 30       $178,539.00    $144,491.00

LONG RANGE PLANNING

Edna Marshall, Robin Mays, Mike Mendelson and Mark Lilien have established a Board Planning Committee. The committee's purpose will be to suggest a multiyear capital budget plan for the building. Until now, the budget has been done once a year, for that year only.

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 45
JUNE 15, 1992

The Board met on June 9, 1992. Among the items discussed:

The City will require two (2): one for the fire sprinklers and one for the rest of the water. (We have two water mains that come in from the street.) The total cost will be $19,000.00, but we will receive a subsidy from the City of about $4,000.00. So the net cost is about $15,000.00. For two years, we can pay the lower of the meter price or the "frontage rate". The present frontage rate is about $37,000.00 a year. The frontage rate is based on the number of toilets, sinks, and tubs in the building, as well as our lot size.

The fire sprinkler meter is already 90% installed. The other meter will be installed shortly. Both meters will be in the garage.

The Board hired Alan Rothschild, a water consultant. Alan will study our building's demographics, tell us the likely minimum water usage needed, and suggest ways to save water. For example, it may be worthwhile for us to rebuild the toilet flush mechanisms to use less water. Alan's $1,500.00 fee is refundable if he cannot save us at least that amount.

New York has a program that may save us about 20% on our electric bills, called "master metering." It would mean that the building would install a master meter and pay one large electric bill for everyone. The individual meter bills would then be paid to the building, not Con Ed. Installing this system may cost the building around $30,000.00, but it may pay for itself in just a few years.

For example, assume the stores, garage, and common area bills come to $25,000.00 a year, total. Then assume that the 137 apartments' bills come to $35,000.00 annually. We would save 20% of $60,000.00, or $12,000.00 per year so the installation would pay for itself in 2.5 years.

Unfortunately, Con Ed refuses to tell the Board how much electricity the building uses, in total. Perhaps they do not enjoy reducing their rates 20%. To help the Board decide whether to go to master metering, please fill out the coupon at the end of the newsletter.

EXERCISE ROOM

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 46
JULY 17, 1992

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 47
SEPTEMBER 17, 1992

There was no Board meeting in August. The Board met on September 8, 1992. Among the items discussed:

CASH POSITION

                        1992           1991

January 31            $ 38,084       $ 33,768
February 28             88,710         55,493
March 31               124,574         74,509
April 30               178,539        144,491
May 31                 233,455        175,443
June 30                180,954        173,829
July 31                133,170         90,507

The Board elected Virginia Canino (Apt. 1R) to the empty seat left by Robin Maya's resignation. Virginia has lived at 350 Bleecker for 15 years. She can be reached at 627-2842.

If you have a problem getting hot water, please call Shirley Lomanto at 319-3000. Be sure to test all the hot water sources at the same time (kitchen sink, bathroom sink, tub). If all three have the problem simultaneously, the solution is radically different than if one or two have the problem. By testing all three at the same time, the problem and the solution can be found very quickly.

If you are leaving your apartment in the care of overnight guests, you must get the Board's permission in advance. Otherwise, your guests may be refused admittance to the building, regardless of whether they have the keys or not, since it is a violation of the lease. If the guests stay in the apartment while you are there, no Board approval is needed. Merely informing the Board that you have gone out of town, leaving your apartment to be occupied by guests is not NOT acceptable.

For more efficient cooling, air-conditioner filters should be cleaned at least once a month during air-conditioning season and at the end of the season. Remove the filters from the unit and clean by either vacuuming or washing. If washing, filter must be dry before replacing in unit.

ELEVATOR

The maintenance company, Republic, will be replaced. The new company will be Millar, at a cost of $550 per month. Eight bids were solicited. The Board has not been happy with Republic's performance. The Republic price has been $504.70 per month.

To make extra storage space in the basement, the Board discussed removing the auxiliary water tank. This tank was installed many years ago, in case insufficient water pressure caused sixth floor residents to suffer. To the Board's knowledge, this tank has been completely unnecessary and unused for the past six years, at least. When the tank was used in the far past, its internal rust produced excessive amounts of brown water. If you have a comment about this tank's possible removal, please contact Judith Kahn (Apt. LC).

Sometimes the building's water turns brown. Whenever there is work done on the street pipes in our neighborhood, rust from the pipes is loosened. This rust is not dangerous, but it is unpleasant. There is no solution to the problem until the city replaces miles of water pipe in the street. This is unlikely to occur soon, given the city's budget problems. Every building in the Village has this problem.

If you would like to have a party on the roof with more than six guests, permission from the Board is required in advance. Note that the Board meets on the second Tuesday of every month, so it is important to plan ahead. The fee for an unauthorized party with more than six guests is $2,500. There is generally no fee for an authorized party.

If you would like to sublet your apartment, the application must be submitted in its entirety at least three business days in advance of the interview. Interviews are done at the regular Board meeting on the second Tuesday of the month. If you desire an "off-schedule" interview, it can be done on the last Thursday of the month for $100 extra. (An application fee of $375 instead of $275). When the last Thursday is a holiday, the last Wednesday can be used. There can be no other interview dates. If the sublet is approved, the shareholder must pay a sublet fee of 50 cents per share per month.

Applications for the purchase of an apartment must be submitted in their entirety seven calendar days in advance of the interview, which can be done on the above schedule.

In the past, the Board made some scheduling exceptions, but the number of exceptions proliferated to the point that these scheduling rules became necessary.

If the office receives any fees (maintenance, assessment, sublets, etc.) late, there is an extra charge of $50.

The Board purchased an electric hedge trimmer. Jack and Helen Katz volunteered to trim the front hedges and also sprayed the hedges to prevent the blight from spreading. Thank you, Jack and Helen!

Our doorman, Rifat Otovic, recently became a United States citizen and brought his wife and children from Europe to live with him. Rifat's wife, Hamidija, is learning English and looking for employment. She does cleaning and is available for other kinds of work. Please see Rifat if you know of any opportunities for her.

Royce Rowe renovated the laundry room, and installed new equipment. If you have any suggestions or questions about the laundry, please call him at 924-2727.

If you need to refinance your apartment mortgage, or would like to buy or sell an apartment, and want to learn more about which banks offer mortgages, and their terms (which vary greatly among the banks) you may find it very helpful to call HSH at 800-873-2837. HSH is a computer service that contacts several thousand banks across the country every week. For a fee, HSH will send you a weekly printout listing which banks offer mortgages for co-op apartments in Manhattan. The listings show the interest rates, terms, down payment required, points, etc. This can save you hours of telephone calling.

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 48
OCTOBER 15, 1992

The Board met on October 13, 1992. Among the items discussed:

According to the water consultant, and based on recent meter readings, the building will save about $600 per week by using the new meter, instead of paying the city's flat charge. The meter installation should be finished this month. The flat charge was $42,000 per year. The metered rate comes to about $12,000.

The Board will spend up to $500 to test some water-saving devices. They will be installed in Edna Marshall's apartment. The devices include: aerators on the kitchen and bathroom sink spouts, a new showerhead, and a different toilet flush mechanism.

Mr. Cruz and his staff will inspect every apartment twice a year for:

a. faucet leaks in the kitchen and the bathroom,

b. shower/bath diverter leaks, and

c. tile grout leaks around the bathtub and shower.

The "shower/bath" diverter is the middle valve above the tub that directs the water to the spout or the shower pipe. From time to time, it may require adjustment. Otherwise, it may direct most of the water to one place, but allow some water to flow to the other place simultaneously. Additionally, if not maintained, it can vary the hot and cold mix intermittently on its own.

If leaks are found, the building staff will fix them at the building's expense.

Due to Robin Maya's resignation from the Board, Mike Mendelson was elected Treasurer.

ROOF

The roof above the stores was leaking. Mark Lilien purchased $3,000 worth of tar and roof cement, which is being applied by our building staff. The materials guarantee against leaks for three years.

FAX MACHINE

The Board will spend $325 for a fax machine for Mr. Cruz. This will improve communication between the managing agent's office, the building and the trades.

Please call Edna Marshall (645-2988) if you would like a rosewood console for $550.

CASH POSITION

                        1992           1991

January 31            $ 38,084       $ 33,768
February 28             88,710         55,493
March 31               124,574         74,509
April 30               178,539        144,491
May 31                 233,455        175,443
June 30                180,954        173,829
July 31                133,170         90,507
August 31              180,326        157,079

The store is now open. The Board discussed the need for Mr. Kim to legalize his security gate arrangement. He also has been asked to clean the graffiti from the wall, and to file appropriate plans for a new awning.

Until cable TV negotiations are finalized in contract form, the hallways cannot be repainted. Calls to MCTV have not been answered appropriately. Ken Newman will follow up with the city agency that regulates MCTV.

Certain sublet tenants were denied a full-length lease renewal. Instead, the Board offered only a (roughly) 60 day renewal pending improvement in the situation, including installation of wall-to-wall carpeting with heavy padding. Noise complaints are an important issue facing the Board.

No intercoms are to be painted. Problems arise when paint gets on connecting wires.

Mr. Cruz is on vacation. He will be back Monday, November 2, 1992. In the meantime, if you need help during the day, please contact Jerry Rawls. If you need help in the evening, please contact Rifat otOvic or Jose Rivera. Or you can call Shirley Lomanto at 319-3000.

The Annual Meeting for all co-op shareholders will take place November 10, 1992, in the Exercise Room at 7:00 P.M. Please bring a chair. Refreshments will be served. (Note: this is NOT the location we have used in the past.) The Board will present its annual report, and a new seven member Board will be elected. If you cannot come to the meeting, you can give a proxy form to someone else who will vote in your place.

If you would like to run for a Board seat, you are welcome to write a statement about yourself and what you would like to do to help the building. Ken Newman will have it duplicated in advance and given out at the meeting.

This past year, the Board met the second Tuesday of each month, generally from 7:00 P.M. until 10:00 P.M. Additionally, there were various subcommittee meetings, usually to interview new tenants, each month. In the future, special interview meetings, if necessary, will be on the last Thursday night of each month. Board members also spend time on their own comparison shopping for supplies and services, and performing other miscellaneous tasks. The members are unpaid volunteers.

HAPPY HALLOWEEN!

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 49
NOVEMBER 12, 1992

The Annual Meeting took place on November 10, 1992. Afterward, the newly elected Board held its first meeting.

Held, for the first time in the exercise room, over 25 people attended. Additionally, 14 owners were represented by proxy. Refreshments were served.

Ken Newman reported on two 1992 apartment sales. Unfortunately, both were for low prices since both were bank foreclosures. One foreclosure resulted as a result of the death of the shareholder and the other was against an investor shareholder. In both cases, the bank holding the mortgage on each apartment took over, paid the back maintenance charges to the co-op, and sold the apartment. Ken believes the market is picking up since four apartments for sale are the subject of negotiations with prospective purchasers.

Ken also suggested that people consider refinancing their mortgages to take advantage of low interest rates. Ken also pointed out that mortgage lenders prefer people whose buildings have good cash balances (ours is usually over $100,000) and positive sponsor cash flows (i.e., the rent-stabilized tenants' rents exceed the sponsor's maintenance charges paid to the co-op, which is also the case in our building). The latter is important because the sponsor still owns 47% of the building's shares.

Mark Lilien reported on the construction projects of the past year, including air conditioners for the lobby and exercise room, parapet and capstones restorations, installation of water meter, and carpet repairs (due shortly). Upcoming possible projects include boiler replacement, master metering for electricity, co-generation, as well as outside window sill replacement.

The laundry room was discussed, and the Board will be meeting with Royce Rowe, the operator, to iron out some difficulties.

A suggestion was made concerning fire doors in the lobby, which might be installed to "seal off" the apartment areas from the public area. This might save some air conditioning electrical expense, and block some noise as well.

Judith Kahn and Virginia Canino described what it was like to be on the Board as new members, and how the typical Board meeting operates. Mike Mendelson and Edna Marshall talked about their long-range budget concerns. Linda Jones, together with six of the seven Board members, told everyone that re-election to the Board was her desire, to continue the important (and pleasurable) work. Linda noted that she owns the apartment she lives in, as well as a sublet unit.

The Board thanked Edna Marshall for her service. Edna didn't run for re-election, since she is moving to Florida.

The election was held. There were eight candidates for the seven seats. Seven of the candidates were present, and all seven won seats. Bob Mishkin and the six incumbents were elected.

NEW BOARD

Kenneth B. Newman, President       Judith Kahn, Co-Secretary
488 Madison Avenue                 Apartment LC
New York, New York                 10022 Home: 924-0393
Home: 688-8248                     Work: 732-4455
Work: 319-3000
Fax: 752-0097                      Virginia Canino
                                   Apartment 1R
Mark Lilien, Vice President        Home: 627-2842
Apartment 3E
Home: 929-4619                     Bob Mishkin
                                   Apartment 5B
Linda Jones, Co-Secretary          Home: 924-4160
Apartment 5L                       Work: (718) 377-1059
Home: 924-0595                     Fax:  (718) 951-9136
Work: 969-6555
Fax: 969-6100

Michael Mendelson, Treasurer
Apartment 5N
Home: 727-3694 and (914) 332-5101
Work: (914) 963-2052 and (203) 327-3590
Fax: (914) 963-2074

The following was discussed at the new Board's meeting:

Virginia Canino repaired the stair-stepper machine. She suggested that the Board authorize $200 for a slant-board for sit-ups, and a new punching bag. The Board voted to authorize the $200.

MR. KIM'S VIDEO STORE

Certain construction difficulties are being resolved. Mr. Kim also requested permission to put up an awning. The Board would like the new awning to match the lobby awning.

Mike Mendelson will try to acquire replacement doors for the sixth floor terraces.

The U.S. government does not insure bank accounts over $100,000. The Board instructed the Managing Agent to be sure that no single bank will ever have co-op accounts exceeding $100,000 in total. In other words, if the co-op had $75,000 in one account at Bank X and $50,000 in another account at the same bank, only $100,000 total is insured in case Bank X fails.

From now on, when asked to approve construction in the building, the Board will require that the shareholder involved give written notice in advance to all residents of the building.

CASH POSITION

                        1992           1991

January 31            $ 38,084       $ 33,768
February 28             88,710         55,493
March 31               124,574         74,509
April 30               178,539        144,491
May 31                 233,455        175,443
June 30                180,954        173,829
July 31                133,170         90,507
August 31              180,326        157,079
September 30           101,968         85,488

ASSESSMENT

The 1992 assessment, which was spread in 10 payments from February through November, is now over.

HAPPY THANKSGIVING!

350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 50
DECEMBER 18, 1992

The Board met on December 2, 1992. Among the items discussed:

Creation of the budget took most of the meeting. The Board adopted the plan shown in the extreme right column:

                                                     1992
                                 1991      1992       1/1      1993
                                Actual     Budget   through    Budget
                                  12        12       10/31      12
Category                        Months     Months    Actual    Months

Commercial rent income         $ 93,167  $ 86,000  $ 64,500  $ 86,000
Laundry room income               8,800    13,000    11,754    10,000
Additional rent income******     26,690    26,000    24,878    25,000

Maintenance fees                878,907   838,600   673,718   866,981
Interest income                   3,272        *      2,212     3,000
Flip tax                          7,180        *      3,048     4,000
Sublet fees                      11,062        *      8,939    10,000
Late fees                           502        *      1,811     2,000
Interview fees                    3,600        *      3,125     3,500
Other income                          0        *         90         0

Real estate taxes*****          293,598   293,000   146,819   293,000
Corporate taxes                   9,869     8,000     5,728     7,000
Mortgage interest*****          292,500   292,500   243,750   292,500

Oil                              29,766    30,000    16,851    27,000
Electric and gas                 18,436    21,000    14,031    18,000
Water and sewer                  36,838    37,000    40,427    20,000

Management fees                  42,000    42,000    37,250    45,000
Insurance                        39,611    40,000    38,371    40,000
Legal                               850     1,000       503     1,000
Audit                             5,300     5,600     5,400     5,600
Telephone and sundries            4,530     3,500     3,596     3,000
Office expense                    5,940     3,000     4,892     3,500

Payroll                         134,351   133,000   114,188   139,000
Payroll taxes                     9,677      ***      8,177    10,000
Health insurance                 20,609    24,000    20,849    30,000

Repairs and maintenance          34,014    30,000    24,711    30,000
Unbudgeted improvements              **         *       500    10,000
Addition to cash reserve****     44,509         *    13,083    36,000


     *These items were not budgeted in the past. 1993 is the
      first budget to specifically estimate these amounts.
    **Included in the categories shown above in 1991.
      See paragraph "c" in next section.
   ***Included in Health Insurance.
  ****In December 1991, the Sponsor paid his January 1992
      maintenance and rent. Without this payment of $41,000,
      the addition to cash reserve would have been $3,509.
 *****Tax deductible item.
******9.375% of certain building operating expenses.

The 1992 special assessment whose last payment was November's, was for $103,212 ($6 per share, spread over 10 months). Because we have a multiyear track record of fairly consistent revenue from sublets, interviews, interest, late fees, and flip taxes, these income items were budgeted for the first time for 1993.

After talking about it for several hours, the majority of the Board voted to raise the maintenance fee from $4 per share to $4.20, a 5% increase effective January 1, 1993. There was concern among some of the Board members that shareholders may object to such an increase in the current economic climate. However, others felt that with the anticipated expenses as described below, it would be necessary to begin accumulating capital to pay for them. Among the majority's concerns were:

CASH POSITION

                        1992           1991

January 31            $ 38,084       $ 33,768
February 28             88,710         55,493
March 31               124,574         74,509
April 30               178,539        144,491
May 31                 233,455        175,443
June 30                180,954        173,829
July 31                133,170         90,507
August 31              180,326        157,079
September 30           101,968         85,488
October 31             127,087        114,004

BUILDING STAFF

At this time of year people ask about the seniority of our hard-working staff. They are:

          Mike Cruz            -        16 years
          Jerry Rawls          -        20+ years
          Rifat Otovic         -        3 years
          Jose Rivera          -        1-1/2 years
          Armando J. Sanchez   -        3 years
          Juan R. Dominguez    -        3 years

HAPPY HANUKKAH, MERRY CHRISTMAS, AND HAPPY NEW YEAR!