1993 Newsletters Acrobat file Return to archive 1995 Newsletters
350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 65
MARCH 1, 1994
The Board cancelled its regular January meeting. The Board met on February 15, 1994. Among the items discussed:
SALES TO INVESTORS
Sometimes a person wants to buy an apartment in order to sublet to others. The person does not intend to occupy the apartment herself. The Board voted unanimously against sales to investors. The consensus was to encourage sales to people who will live in their awn apartments. Bankers and other members of the real estate community emphasize that owner-occupied buildings fare better.
BULLETIN BOARD
Want to post a notice about buying, selling or renting an apartment? There is now a bulletin board in the mail room. Slip your notice under Mark Lilien's door (3E).
CASH POSITION
1993 1992 1991
January 31 $ 86,409 $ 38,084 $ 33,768
February 28 94,037 88,710 55,493
March 31 131,236 124,574 74,509
April 30 156,544 178,539 144,491
May 31 196,654 233,455 175,443
June 30 100,172 180,954 173,829
July 31 159,666 133,170 90,507
August 31 192,727 180,326 157,079
September 30 158,187 101,968 85,488
October 31 192,701 127,087 114,004
November 30 219,101 190,202 142,690
December 31 116,394 60,607 50,489
Average $150,319 $136,473 $108,149
CONSTRUCTION WORK
The Board tentatively accepted apartment 3X's renovation plan. Three days before construction starts, the owner of 3X must post a notice on the bulletin board announcing the date(s) of construction.
A reminder: the Board has a rule that all construction (including painting, floor sanding, plumbing, etc.) may take place only on business days, Monday through Friday, 9:00 A.M. to 6:00 PM.
1992 FINANCIAL STATEMENT
The 13th Amendment to the Offering Plan contains a copy of the co-op's 1992 financial statement. Unfortunately, the statement's notes have an error in the description of the assessment. This will be corrected in the notes to the 1993 statement which will be sent by our accounting firm shortly. The erroneous note states (in error) that the assessment was 10 months at $1.25 per share or $6 in one lump sum.
WATER METER
The City of New York sent several contradictory water bills. Some are based on the meters and some are not. The bills differ by about $38,000. Ken Newman is checking with our plumbing contractor, who filed the water meter papers with the City.
1994 INTERVIEW SCHEDULE
The Board meets the second Tuesday of every month. Additionally, it will meet for sublet and sale interviews on 2/24, 3/24, 4/21, 5/25, 6/23, 7/21, 8/25, 9/22, 10/20.
ENGINEERING
Richard Balser, our engineer, will begin getting bids for the repair of the garage ramp and the replacement of the boiler.
CABLE TV
Time Warner Cable has yet to repaint the damaged areas of the stairwell walls. Ken Newman will follow up on this.
SNOW!
Rifat Otovic used over 800 pounds of snow melter so far this winter. The building does not use salt. We use two different calcium compounds that are kinder to the environment and melt snow at lower temperatures than salt.
350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 66
MARCH 15, 1994
The Board met on March 8, 1994. Among the items discussed:
WATER METER
The City of New York seems to have overbilled us by approximately $62,000 for water. In addition, our plumber, Bruce Loewy, believes that the City owes us a $9,000 credit for installing meters. Ken Newman will attempt to get the $62,000 in cash back from the City. The City may offer us a credit (rather than a refund) for the $62,000, but at the rate we use water, the credit will last for about 4 to 5 years. Today, Larry Lamanna, of the Water Department indicated to Ken's office a cash refund may be possible.
Over several months, to straighten out our billing, abatement and refund problems, Ken wrote or called our plumber Bruce Loewy, The New York Times, The Post, The Daily News, Mayor Giuliani, The New York City Department of Investigation, and the Commissioner of the New York City Water Department. After our Board meeting, the Department of Investigation was helpful in inducing the Water Department to respond and to attempt to resolve the problem. The effort is continuing.
CASH POSITION
1994 1993 1992 1991
January 31 $148,901 $ 86,409 $ 38,084 $ 33,768
February 28 94,037 88,710 55,493
March 31 131,236 124,574 74,509
April 30 156,544 178,539 144,491
May 31 196,654 233,455 175,443
June 30 100,172 180,954 173,829
July 31 159,666 133,170 90,507
August 31 192,727 180,326 157,079
September 30 158,187 101,968 85,488
October 31 192,701 127,087 114,004
November 30 219,101 190,202 142,690
December 31 116,394 60,607 50,489
Average $150,319 $136,473 $108,149
TIME WARNER CABLE
Ken will write to Time Warner again to demand that they repair the damage done to the stairwells. Ken also checked on their electrical usage. Their cable TV system uses the building's current, but Time Warner reimburses us about $400 annually for the electricity used.
MORTGAGES
Want to buy or refinance an apartment? Need a mortgage? Shopping around can take a lot of time. HSH Associates, of Butler New Jersey (201-838-3330), will send you a weekly computerized listing of every lender who will make co-op loans for Manhattan apartments, the terms, and rates. This can save dozens of phone calls. Their service is frequently quoted in The New York Times, NY Habitat magazine, and other publications.
350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 67
APRIL 18, 1994
The Board met on April 12, 1994. Among the items discussed:
LANDSCAPING
The Board voted $1,500 for plantings for the roof, front, and rear of the building. Mark Lilien (3E) will post a notice asking for volunteers.
TIME WARNER CABLE TV
Time Warner hired a painter to touch up the stairwells. Several Board members inspected a sample of his work on the 6th floor and OK'd it for all stairwells.
CASH POSITION
1994 1993 1992 1991
January 31 $148,901 $ 86,409 $ 38,084 $ 33,768
February 28 $180,175 94,037 88,710 55,493
March 31 131,236 124,574 74,509
April 30 156,544 178,539 144,491
May 31 196,654 233,455 175,443
June 30 100,172 180,954 173,829
July 31 159,666 133,170 90,507
August 31 192,727 180,326 157,079
September 30 158,187 101,968 85,488
October 31 192,701 127,087 114,004
November 30 219,101 190,202 142,690
December 31 116,394 60,607 50,489
Average $150,319 $136,473 $108,149
BIKE ROOM
Some spaces are still left. The fee is $75 per year, plus a $25 refundable key deposit. The room has 24 hour access.
COMMUNICATION AND PAYMENTS
Whenever you want to communicate with the Board or the Managing Agent, the best ways are to:
a. call the office at 319-3000,
b. fax Kenneth B. Newman at 752-0097,
c. give a note to Rifat Otovic, who will fax the office from his apartment,
d. slip notes under doors of Board members who live in the building, and
e. call Board members who live in the building.
The problem with "d" and "e" is that certain Board members travel, and may be away while your note or call remains unanswered. For similar reasons, no staff member (including Rifat Otovic) or Board member except Kenneth Newman (as Managing Agent) can accept payments on behalf of the co-op. All payments (checks or cash) must go to the office directly.
ROOF GARDEN RULES
Each Spring, the Newsletter summarizes these rules:
The roof deck is open to all shareholders and residents at all times.
Smoking, playing a TV or radio or other sound device without headphones, cooking, pets, unsupervised children below age 14, walking on the tarred area or fire escape, littering, use of the south entrance (lOth Street entrance), running, throwing anything off the roof, pets, ball playing, and sitting on the parapet wall are prohibited.
Do not leave any personal property on the deck after leaving.
There may be no parties without written permission of the Board in advance. Approved parties may be subject to a $500 (or more) refundable cash deposit. The fee for an unauthorized party is $3,000.
Less than 7 guests per apartment may use the roof at one time, provided the resident or shareholder is present. This limit applies per apartment, so if 2 shareholders live in 1 apartment, the total limit is still less than 7 guests. If apartments are joined together, the total limit is also less than 7 guests.
350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 68
MAY 31, 1994
The Board met on May 10, 1994. Among the items discussed:
BIKE ROOM
Only 4 spaces are left. Fee is $75.00 annually. For a space, call Shirley Lomanto at 319-3000. Spaces are open to everyone who lives in the building.
MATS IN THE HALLWAY
Effective June 15, 1994, entrance mats left in the halls (except for mats owned by the co-op) will be banned. Any mats left out will be picked up by the staff, and stored in the boiler room for a brief period, then discarded. If you want to keep your mat, please keep it within your apartment.
The Board made the decision for three reasons:
1. prevent further damage to the hallway carpeting,
2. the building already supplies mats in the lobby and elevators for people to wipe their feet, and
3. some of the mats are so large that people can trip over them.
MONTHLY MAINTENANCE
When mailing monthly maintenance, sublet fees, assessments, etc. to the office, please note the rules.
1. All payments must be received (not mailed) by the 10th of the month.
2. If a payment is received after the 10th, and the U.S. Post Office's (not office date stamp) postmark is before the 6th, the payment is OK.
3. If the payment is received after the 10th, and there is no date on the postmark the $50 late fee will be due.
4. If the payment is received after the 10th and the postmark is after the 5th, the $50 late fee will be due.
5. If the 10th is a holiday or Sunday, then the payment must be received before the 10th.
The office retains the envelopes people use in case of any dispute.
GARDENING
Plantings this year include pachysandra, ivy, creeping juniper, grapes, dwarf fruit trees (figs, paw-paws, apples, cherry, pear, peach), buddleia ("butterfly bushes"), laurel, lilacs, roses, peonies, strawberries, elderberries, morning glories, marigolds, azaleas, fuchsia, chives, blueberries, and more. Yet to arrive: vinca.
This year's gardeners include Virginia Canino, Victor Bastante, Helen Katz and Jack Katz, Van Dexter, Anthony Prestipino, Mark Lilien, Mirza otOvic, Hamidija otOvic and Rifat otovic. If the Newsletter has omitted your name, the Editor apologizes, it isn't intentional.
Jack Katz waters the roof each morning, Victor Bastante water the back yard daily. Rifat otovic waters the sidewalk gardens.
CASH POSITION
1994 1993 1992 1991
January 31 $148,901 $ 86,409 $ 38,084 $ 33,768
February 28 $180,175 94,037 88,710 55,493
March 31 $212,063 131,236 124,574 74,509
April 30 156,544 178,539 144,491
May 31 196,654 233,455 175,443
June 30 100,172 180,954 173,829
July 31 159,666 133,170 90,507
August 31 192,727 180,326 157,079
September 30 158,187 101,968 85,488
October 31 192,701 127,087 114,004
November 30 219,101 190,202 142,690
December 31 116,394 60,607 50,489
Average $150,319 $136,473 $108,149
350 BLEECKER STREET APARTMENT CORP.
NEWSLETTER NO. 69
AUGUST 17, 1994
The Board met on June 16, 1994, June 23, 1994, July 12, 1994 and August 9, 1994. Among the items discussed:
SUBLET POLICY
The sublet situation, detailed in a letter sent last year to all shareholders (a copy of which is attached), continues to concern the Board. For the reasons outlined in the letter (bank mortgage lending rules, quality of life issues, etc.), the Board will consider granting its consent to sublet consistent with the policies described below.
1. The Board's consent to sublet or to renew a sublet will not be granted to a shareholder:
(a) for a period other than one year. Renewals after the one year period shall be subject to the further consent of the Board and to its then rules and policies.
(b) who has made two or more late payments of any sum due to the co-op in any 12 month period, until a date commencing 12 months after the last day of the month in which the last late payment was made. This rule will be effective September 1, 1994. Late payments made before that date will not be counted.
(c) who owns an apartment for less than two years.
(d) for more than two years out of any four consecutive years. This rule is effective September 1, 1994 and sublet time before that date will not be counted except as set forth in paragraph (e) below.
(e) for a period ending after August 31, 1995 if the apartment was sublet before September 1, 1989 for five or more years on August 31, 1994. Vacancy periods when the owner didn't occupy the apartment during the five year period will be considered "sublet time" for the purposes of this rule.
(f) who is in arrears of the payment of any sum due to the Co-op.
2. The Board will not consider granting its consent to any sublet (original or renewal) unless required paperwork (including insurance proof and other supporting documents) is submitted 100% complete and compliance is had with all procedural requirements (including supplying requisite copies, paying outstanding sums and fees and delivering necessary documentation). Documents must be submitted at least three business days in advance of the Board meeting prior to the commencement of the proposed sublease or renewal term. Failure to do so will result in a withholding of the Board's consent to the sublet. Requests for consent to renewals will then require the submission of paperwork as a new sublet and payment of the regular application fee of $275 ($375 for alternative meeting interview appointments).
The Board's procedures and requirements for requesting its consent are available from the management office.
Of our 137 apartments, 25 are sublet. Nine fall into the category listed in (e) above.
There was a prolonged discussion of possible effects of these rules. A majority of the Board strongly felt, given last year's notice and the same continuing concerns, these rules are reasonable although causing certain sacrifices. Additionally, greater pain would be caused if these restrictions were not instituted immediately.
CASH POSITION
1994 1993 1992 1991
January 31 $148,901 $ 86,409 $ 38,084 $ 33,768
February 28 $180,175 94,037 88,710 55,493
March 31 $212,063 131,236 124,574 74,509
April 30 $245,950 156,544 178,539 144,491
May 31 $283,157 196,654 233,455 175,443
June 30 $281,767 100,172 180,954 173,829
July 31 159,666 133,170 90,507
August 31 192,727 180,326 157,079
September 30 158,187 101,968 85,488
October 31 192,701 127,087 114,004
November 30 219,101 190,202 142,690
December 31 116,394 60,607 50,489
Average $150,319 $136,473 $108,149
CONSTRUCTION
Richard Balser, our engineer, is getting bids for the boiler replacement, asbestos removal, and garage ramp repairs. These bids will be discussed at a Board meeting shortly.
GARDENING NEWS
So far most of the plantings have thrived. The grapes, figs, apples, peaches, pears and blueberries are growing nicely, although the winter will be a further test. Last year, mortality was greater by this point in the season, although for the second year running a newly planted cherry arrived DOA. Two paw-paws also arrived DOA this year. An evergreen bush transplanted from the front to the back yard also gave up the ghost. The cherry and paw-paws were guaranteed and refunds will be sought.
The sidewalk plantings include baltic ivy and a special strain of pachysandra. These two species are endorsed by a local botanical garden as being especially resistant to snow melter during the winter and should stay green 12 months a year. These plantings also include creeping juniper which should also stay green all year. Most of the morning glories were cut back to allow enough light to reach the evergreens.
Our extensive rooftop experience indicates that certain annuals return each spring, even though they aren't supposed to. Undoubtedly, the lavish care given by the "350 Garden Group" (Virginia Canino, Victor Bastante, Helen Katz and Jack Katz, Mark Lilien, Rifat otovic, Anthony Prestipino, Van Dexter, and if I've omitted your name, I apologize) helps create this unusual result. So when the Fall arrives, we will not uproot the annuals.
SPONSOR OWNERSHIP
Our proportion of Sponsor-owned shares continues to fall. Of our 137 apartments, 50 or 36% are still sponsor-owned. At this time last year, 39% were still sponsor-owned. Generally it is easier to get a mortgage in buildings with the fewest sponsor-owned apartments.
CRAIG RODWELL
Many people at 350 Bleecker remember Craig Rodwell, who died about a year ago, as a public-spirited neighbor in our building. Pictures of Craig, recordings of his voice, and some of his memorabilia are presented in the recent New York Public Library (at 42nd Street) exhibit on gay and lesbian life in New York City. The exhibit closes September 24, 1994.
Among his many accomplishments, Craig founded the first gay and lesbian bookstore in the country (The Oscar Wilde Bookstore, on Christopher Street) and co-founded the annual June parade. Photos of him and some of the history he helped make are also discussed in some recently published books on the 25th anniversary of the Stonewall rebellion.
The Board met on September 13, 1994. Among the items discussed:
ELECTION NIGHT -- NOVEMBER 10. 1994 - 7:00 PM
The annual meeting of all shareholders will be in the exercise room. Seven board members will be elected. All shareholders are eligible to run for the board. Refreshments will be served. Previous annual meetings have included: questions from the shareholders for the outgoing board members; discussion of recent sales prices; suggestions for the new board; and the introduction of new neighbors.
Shareholders who cannot attend may be represented by filing written proxies. A proxy is attached to this Newsletter. It may be given to anyone. Board members Bob Mishkin (5B) and Mark Lilien (3E) would be happy to vote your written proxy however you see fit. You can slip the proxy under either of their doors.
Your proxy is particularly important this year because of the vote on the amendment to the flip tax discussed in the next paragraph. Our governing documents require a 75% positive vote be achieved for passage.
Shareholders will be asked to vote on a proposal to value foreclosed apartments at the amount of the unpaid mortgage principal, for the purposes of the building's 2% flip tax. This 2% charge is collected when an apartment is sold. The flip tax goes towards the building's cash fund. The Board endorses this proposal. If the proposal is not adopted, then the Board may have trouble with the lenders (usually banks) because the fair value of the apartment is not clear. This policy reduces the possibility of a dispute, and must be passed by two-thirds percent of all shares.
APARTMENT SITTING
A sublet tenant requested that the board allow her friends to occupy her apartment while she was away for 1 month. The Board declined the request, citing its desire to minimize transients and the inability to present the proposed occupants for interview.
UNAUTHORIZED FILMING
A sublet tenant had a TV show partially shot in her hallway, which disturbed her neighbors. The Board accepted her apology.
SUBLET RENEWAL REJECTION
A sublet renewal request was denied. The shareholder involved didn't pay maintenance promptly, and when the sublet tenant was asked to pay directly to the co-op, the sublet tenant refused to do so. All sublet tenants sign a contract agreeing to pay the co-op directly in case the shareholder isn't prompt. The sublet tenant's failure to honor her contract was among the reasons the Board didn't renew the sublet.
CARPETING REQUIREMENTS
A sublet tenant requested exclusion from the 80% carpeting rule, after agreeing to it previously. The rule requires 80\ carpet (plus heavy duty padding -- not "carpet gripper" mesh) coverage of the entire floor space (excluding kitchen and bathrooms) including area covered by furniture. The rule's purpose is noise reduction (footsteps, radios, TV's, etc.) Every sublet is inspected by a Board member for adherence to the rule. Many co-ops have similar or identical rules.
The sublet tenant got the agreement of one neighbor to exclude her from the requirement. The Board decided to require the carpeting. Among the reasons cited -- the need for consistency, the prior agreement, the fact that the apartment adjoins 3 others, and the fact that the number one complaint to the Board involves noise.
CASH POSITION
1994 1993 1992 1991
January 31 $148,901 $ 86,409 $ 38,084 $ 33,768
February 28 $180,175 94,037 88,710 55,493
March 31 $212,063 131,236 124,574 74,509
April 30 $245,950 156,544 178,539 144,491
May 31 $283,157 196,654 233,455 175,443
June 30 $281,767 100,172 180,954 173,829
July 31 $324,111 159,666 133,170 90,507
August 31 192,727 180,326 157,079
September 30 158,187 101,968 85,488
October 31 192,701 127,087 114,004
November 30 219,101 190,202 142,690
December 31 116,394 60,607 50,489
Average $150,319 $136,473 $108,149
WATER OVERPAYMENT
The City admitted it overcharged us approximately $62,000 for water and sewer. The Mayor's Office agreed to help us get the refund. Several months have gone by and, Ken Newman is still pursuing the missing check. The latest City promise is "three weeks."
POSTCRIPT: Thirteen days later, a check for $62,684.14 was received on September 26, 1994.
ENGINEER
Board members were extremely disappointed in Richard Balser's recent performance. Another engineer will be hired. In the Board's opinion, Richard Balser didn't live up to his promised schedule, and as a result, work that should've been completed this summer wasn't.
SPONSOR OWNERSHIP
The Sponsor now owns 49 apartments (36% of the total). Generally, banks writing mortgages look for buildings with the lowest percentages of sponsor ownership. The Sponsor has 1 other vacant apartment for sale and another under contract. When those 2 apartments are sold, the percentage will be 34%.
PROXY STATEMENT
ANNUAL MEETING OF SHAREHOLDERS
OF
350 BLEECKER STREET APARTMENT CORP.
NOVEMBER 10, 1994
I hereby give my proxy to ___________________________________ with respect to the shares I own in 350 Bleecker Street Apartment Corp. to be used at the shareholders meeting now scheduled to take place on November 10, 1994, and any adjournments thereof. I state that I have ________ shares of the stock of the Corporation. I understand that this proxy is revocable in writing or if I am present at the meeting.
Signature: ______________________
Print Name: ______________________
Signature: ______________________
Print Name: ______________________
Apartment Number: _________
If shares are owned jointly, all owners must sign.
Dated: ________________________, 1994
The Board met on October 11, 1994. Among the items discussed:
UPCOMING ELECTION NIGHT -- NOVEMBER 10. 1994 - 7:00 PM
If you'd like to consider nominating yourself for a board seat, and would like to know more about how the board operates, what a typical meeting i$ like, how much time it takes, etc. just call any board member. If you nominate yourself, it is suggested that you fill out the candidate statement attached to this Newsletter, fax it to Ken Newman at (212)752-0097 or ask Rifat otOvic to fax it for you. Your statement will be duplicated for you and circulated at the annual election night meeting on November 10th.
Board member Mike Mendelson decided that he will not run again in November. Other board members told Mike that his service was much appreciated. At this writing, it isn't known whether all of the other 6 board members will run for re-election. Sometimes there are only 7 candidates for the 7 seats.
ENGINEER SEARCH
Mark Lilien interviewed 10 architects and engineers to help us with our renovation work. Several indicated a desire to submit proposals, which should be finalized in the next few weeks.
CARPET REOUIREMENTS
From now on, for any sublet, no move-in will be permitted until the apartment passes its board member carpeting inspection. For a while, the Board permitted carpet installation in the first 30 days of the lease, but this procedure has not been satisfactory. There have been repeated instances of attempted "rule bending" and delays. Furthermore, it is more convenient for all concerned (tenants and neighbors) to install carpeting before furniture arrives, not after.
For a shareholder, no move-in will be permitted until either --
a. the apartment passes its board member carpeting inspection, or
b. the shareholder gives the Managing Agent a paid receipt from a carpet supplier showing when the carpet will be installed, the type of padding, and the size.
For the convenience of new shareholders, carpeting may be installed before the actual closing date, after the Board interview approval. Of course, if the closing doesn't occur, this would be at the risk of the buyer and the seller.
MOVING IN AND OUT
Moves will be permitted Monday through Friday, 9AM to 5PM, except holidays, except by prior written permission of the Managing Agent. This rule was adopted because certain moves occurred during times which kept various neighbors awake inappropriately.
CREDIT REPORTS
The Board will no longer require sublet and purchase applicants to get their own credit reports. Instead, these applicants will be asked to reimburse the co-op for its cost of acquiring these reports. The Board's credit report service appears to be more complete and up-to-date.
INTERCOM
Rifat Otovic will be servicing the intercom system from now on. The intercom company's performance was expensive and poor, in the Board's opinion. The co-op will buy the parts and Rifat Otovic will install them. If you need intercom service, please inform Mr. Otovic.
CORRECTION
The previous Newsletter incorrectly stated the required number of votes to pass an amendment at the Annual Meeting. It is 2/3 (two-thirds) of all shares (not all shares voting).
The Board intends to offer an amendment for passage at the meeting valuing foreclosed apartments at their total indebtedness for the purpose of the 2% sales fee paid to the co—op .
If you don't plan to be at the meeting, please give your proxy (attached) to either Bob Mishkin (5B) or Mark Lilien (3E). This amendment will help prevent expensive legal disputes and delays.
CASH POSITION
1994 1993 1992 1991
January 31 $148,901 $ 86,409 $ 38,084 $ 33,768
February 28 $180,175 94,037 88,710 55,493
March 31 $212,063 131,236 124,574 74,509
April 30 $245,950 156,544 178,539 144,491
May 31 $283,157 196,654 233,455 175,443
June 30 $281,767 100,172 180,954 173,829
July 31 $324,111 159,666 133,170 90,507
August 31 192,727 180,326 157,079
September 30 158,187 101,968 85,488
October 31 192,701 127,087 114,004
November 30 219,101 190,202 142,690
December 31 116,394 60,607 50,489
Average $150,319 $136,473 $108,149
APARTMENTS FOR SALE
The Sponsor informed the Board that at the present time it does not intend to renew its non-rent stabilized tenant leases. The tenants are being informed currently. The apartments are--
LE -- lease expires 2/28/95 -- 2 bedrooms 1 bath
5F -- lease expires 8/31/95 -- studio
In other words, these two apartments will then be offered for sale. Call Shirley Lomanto at 319-3000 for details.
One bedroom apartment for sale. No Board approval. Price $140,000.00. Call Shirley Lomanto at 319-3000.
TRASH
All trash should be put down the chute immediately except --
1. cleaned bottles and cans, and
2. magazines and newspapers.
Other items may not be left in the chute rooms because vermin may be attracted.
ANNUAL SHAREHOLDERS MEETING:
IMPORTANCE OF ATTENDANCE OR PROXY
Your attendance or proxy at this annual shareholders meeting is extremely important. At this meeting, in addition to discussing the routine but important issues of costs, maintenance and quality of life in the building, we will be considering the following significant issues:
1. amendment of the by-laws and proprietary lease,
2. subleasing and refinancing considerations, and
3. carpeting requirements and other noise problems.
These issues effect every shareholder.
The amendment requires a super majority of outstanding shares (not merely those shares present). The amendment, in the opinion of the Board, will substantially benefit the cooperative corporation. Your vote is necessary to assure passage.
An additional copy of a proxy is annexed to this edition of the newsletter. If you would be good enough to give your proxy to a Board member or other shareholder, it will be revoked by your presence if you attend the meeting.
OMISSION
Newsletter #71 was supposed to include a form for candidates for the Board election on November 10, 1994. That form is attached to this Newsletter.
NOISE COMPLAINT; LEGAL ACTION
The Board met on October 11, 1994, at a Special Meeting. At that meeting, the 5 Board members present voted unanimously to pursue legal proceedings against a shareholder because of excessive noise emanating from his apartments after repeated notices. Due to the nature of the situation, on the advice of the Board's attorney, Robert Cantor, details of the case cannot be disclosed in the Newsletter at this time.
Annual Meeting of
the Shareholders
350 BLEECKER STREET APARTMENT CORP
All shareholders are reminded of the annual meeting to be held in the exercise room on Thursday evening at 7:00 P.M., November 10, 1994.
It is anticipated that the meeting will involve a lively discussion of matters important to the cooperative. Your presence and participation at the meeting is welcomed and encouraged.
I hope you will all make every effort to attend . . . and, if you do, please bring a chair. The exercise room does not have many chairs.
I look forward to seeing as many shareholders as can possibly attend.
Kenneth B. Newman,
President
Dated: November 8, 1994
The Annual Meeting of Shareholders in the Exercise Room on November 10 was over four hours long -- the longest in memory. Refreshments, organized by Virginia Canino and Anthony Prestipino, were much appreciated. Among the issues discussed and actions taken:
NEW BOARD ELECTED
There were 10 candidates for the seven seats. Elected were:
Kenneth B. Newman Anthony Prestipino
488 Madison Avenue Apartment 1F
New York, New York 10022 Home: 633-6546
Home: 688-8248 Work: 998-0207
Work: 319-3000 Fax: 995-4235 (call first)
Fax: 752-0097
Mark Lilien Virginia Canino
Apartment 3E Apartment 1R
Home: 929-4619 Home: 627-2842
Work: 512-2028
Fax: 512-6214 Bob Mishkin
Apartment 5B
Linda Jones Home: 924-4160
P.O. Box 191 Work: (718) 377-1059
West Hampton, NY 11977 Fax: (718) 951-9136
Home: (516) 288-1406
Al Del Vecchio
Apartment 5L
Home: 243-3890
Work: 604-7584
At its first meeting, the Board members will choose the President, Vice President, Treasurer and Secretary. Every Board member has one vote, and four is a quorum.
The outgoing Board members thanked Mike Mendelson for his years of service. Mike was our Treasurer. He decided to retire from the Board.
AMENDMENT PASSED
The required 2/3 of all shares to OK an amendment was achieved! From now on, it is clear that lenders owning foreclosed apartment will have to pay the 2% "flip tax" to the co-op based upon the total indebtedness. There were no votes against the amendment.
APARTMENT VALUES
Ken Newman reported that prices were very inconsistent due to the foreclosure sales. The low was approximately $450 per share and the high was approximately $1,020 per share during the past 12 months. There are no other foreclosed apartments for sale at this time known to us.
NOISE
Several shareholders were frustrated about this issue. Some people felt that their neighbors were overly sensitive to noise, and some people claimed that their neighbors should be more considerate when making noise.
Board members suggested that neighbors having difficulties request Board mediation of their disputes. In all but one recent case, this mediation improved the situation. The unresolved situation is the subject of a court proceeding seeking an injunction preventing a shareholder from playing musical instruments or loud music and other relief.
SELLING AND SUBLETTING
Several apartments were sublet and/or sold by advertising in the Newsletter. If you want to buy, sell, or rent, please slip a note under Mark Lilien's door, 3E. Apartment 2K is available for sale with its furnishings, call Kenneth Newman at the management office if interested. Apartment 2L is also for sale. Call Shirley Lomanto if interested. These adjacent one bedroom apartments can be joined (with Board approval) by someone seeking a large apartment.
SUBLET POLICY
Sublet policy changes dominated the discussion.
The Board's new sublet rules are set forth in the Co-op's Newsletter No. 69 dated August 17, 1994. Kenneth Newman summarized some of the considerations which led the Board to adopt these rules. These considerations included the facilitation of the refinancing the building's mortgage (maturing in November, 1996), the facilitation of obtaining individual apartment mortgages for both refinancing of existing mortgages and financing of sales to new buyers, and the improvement of the quality of life in the building. Ken informed the shareholders that Board members individually spoke to mortgage brokers about the effect of sublets on the refinancing of the co-op's mortgage. The Board also met with a mortgage broker at one of its regular meetings and was informed our sublet percentage was high, the number of banks available to refinance a co-op mortgage declines as sublet numbers or percentages increase, the ability to negotiate better refinancing terms declines as available number of banks declines, and sublets adversely affect not only the refinancing of the co-op's mortgage but also the financing and refinancing of individual apartment mortgages.
The Board found it must start its search for refinancing approximately one year in advance of the current maturity. Accordingly, it was advised to reduce sublets prior to that time. Additionally, some Board members felt that a building is frequently better cared for and more secure when occupied by owners rather than by transient renters.
To summarize several points raised at the meeting:
a. Some sublet owners suggested that if the new mortgage was more expensive due to sublets, it would be better to simply raise the sublet fee to compensate for those costs, rather than keep the new policy.
b. Some sublet owners suggested the Board create a close banking relationship to insure a smooth, economical mortgage renewal, with a more gradual sublet restriction.
c. Some sublet owners suggested "grandfathering" present sublets because those apartments were purchased during a less restrictive sublet policy period.
d. Some shareholders were concerned that individual mortgage borrowers were having trouble finding banks who OK'd our present sublet level (24 apartments out of 137 = 18%). Many banks wanted 10% sublets or less, not 18%. These people said that financing or refinancing an individual apartment was quite difficult.
e. Some Board members emphasized that the decision was not taken easily and that it took one year of Board debate because of the consequences of any determination.
f. Some Board members stated that they would vote the majority's wishes, and that only a handful of people responded to the Board's request for suggestions when the issue was first circulated in the Board's 1993 certified letter to shareholders.
g. one person felt that there was an "us versus them" culture developing and which they deplored.
h. Some people pointed out that the new rules were typical of many other co-ops.
j. Some people speculated on what the mortgage market would be like when we have to start shopping in 1996. Renewing
now (two years early) will cost us substantial pre-payment penalties.
k. It was pointed out that one Board member was (and still is) a sublet owner. She used to own two apartments. The sale of the first apartment was delayed due to the difficulty in promptly getting a mortgage.
NEW BOILER
Mark Lilien reported that he contacted 10 architects and engineers to start the construction work desired. Priority number one is a new gas boiler and gas hot water heater. There were several heat-related complaints. Some apartments will be warmer due to the substantial welding repairs on one of the main risers completed at the end of last winter. Other suggestions (while waiting for the new boiler) included:
1. contact Rifat Otovic who will check apartment valves,
2. insulate air conditioners with plastic sheets, foam, and caulk, and
3. check that windows are tightly closed.
WHO IS RESPONSIBLE
It was suggested that a chart be circulated listing the items which are the responsibility of the co-op and which items shareholders must manage themselves. The division of responsibilities is set forth in the proprietary lease particularly in paragraph 18(a). If you have questions please consult the management office. The proprietary lease applies to shareholders only, not rent stabilized renters. Rent stabilized tenants with questions may consult the office at 319-3000.
CASH POSITION
1994 1993 1992 1991
January 31 $148,901 $ 86,409 $ 38,084 $ 33,768
February 28 $180,175 94,037 88,710 55,493
March 31 $212,063 131,236 124,574 74,509
April 30 $245,950 156,544 178,539 144,491
May 31 $283,157 196,654 233,455 175,443
June 30 $281,767 100,172 180,954 173,829
July 31 $324,111 159,666 133,170 90,507
August 31 $378,017 192,727 180,326 157,079
September 30 $381,046 158,187 101,968 85,488
October 31 $427,444 192,701 127,087 114,004
November 30 219,101 190,202 142,690
December 31 116,394 60,607 50,489
Average $150,319 $136,473 $108,149
HAPPY HOLIDAYS!
In response to the request of several residents our traditional employee list will be circulated soon.
The Board met on December 6 and December 13, 1994. Among the items discussed:
OFFICERS ELECTED
The seven Board members elected the officers. Ken Newman was elected President. Mark Lilien was elected Vice President. Linda Jones is Secretary. Bob Mishkin is Treasurer. Regardless of title or number of share held, every Board member has one vote.
MANAGEMENT CONTRACT
The Board voted unanimously to renew the Managing Agent's contract for three years, through January 31, 1998. The new fee is $49,500 annually, a 10% increase. Ken Newman, the Managing Agent, was not present for the vote or the discussion. The increase was granted after considering the following:
a. no increase had been granted during the previous three years (through January 31, 1995),
b. the quality and quantity of the work done by the Managing Agent, and
c. what other Managing Agents charge and deliver.
ENGINEER
The Board interviewed two different engineers and an architect/contractor team. The three parties interviewed were selected from a field of 10 screened by Mark Lilien. An engineer was chosen, subject to a second reference check. If the check proves OK, the engineer's name will be announced in the next Newsletter.
OUR STAFF
At this time of year, people ask about our valued staff members. Their names, titles and tenure are shown below:
Rifat Otovic Superintendent 5 Years Jerry Rawls Doorman and Porter - Weekdays 20+ Years Armando Sanchez Doorman - Weekdays 5+ Years Geoffrey Merrill Doorman - Weekend Evenings 1+ Years Jasmin Orahovac Doorman - Weekend Days l+ Years
HANUKKAH AND CHRISTMAS
Volunteer efforts of 350 Bleecker Street which purchased the Holiday decorations (i.e. Hanukkah Menorah and Christmas). The lobby was decorated by Anthony Prestipino, Dia Otovic and Rifat Otovic, Helen Katz and Jack Katz, Jerry Rawls, Geoffrey Merrill, Armanda Squadrilli, Gillina Calderley and her daughter, Grace.
LITIGATION
The Newsletter generally doesn't comment on lawsuits in progress, in order to avoid further legal problems and expense for the building. Two shareholders recently circulated letters about their lawsuits in progress. When our attorney Robert Cantor advises us that the time is proper, there will be a response to each letter.
BUDGET
The 1995 budget was finalized and the maintenance and sublet fees were adopted unanimously. The 1995 maintenance was set at $4.30 per share per month. The sublet fee was set at 60 cents per share per month. The previous figures were $4.20 and 57.5 cents, respectively. The 1994 assessment was 9% (37.8 cents per share per month). No assessment was levied for 1995. To summarize, every shareholder (resident or sublettor) will pay less in 1995 than 1994, in total.
The building went co-op in 1985. At that time, the maintenance was $3.31 per share per month. The sublet fee was initiated in 1988 and was 50 cents per share per month. There has been two assessments since 1985. They were 7.5% in 1989, and 9% in 1994.
The Board intends to use a major part of our cash fund for renovations listed in our engineering study. While discussing the budget, the Board used as a general guideline a rough estimate provided by a general contractor, Warren Waters of Palm Beach Development. No promises were made to Warren Waters, he gave us his estimates without cost or obligation.
New gas boiler, gas water heater, complete asbestos removal $224,500 Garage ramp repairs 25,000 New window sills facing three street + painting 105,776 New roof 105,000 Overhead, architect, engineering, expediter fees, profit 92,000 Total $552,276
The estimates provided by the previous engineer, Richard Balser, were also considered. After discussing the likely cost of the renovations needed, the Board members agreed that further increases to the cash fund are needed. It was noted that the building's cash fund probably would not support completing all the work needed in one year, so the work should be prioritized and completed over time.
CASH POSITION
Our cash on hand fluctuates due to many causes. Among the major reasons:
1. We pay our real estate taxes 25% on March 31st, 25% on June 30th, and 50% on December 31st. The December 31st payment is actually a prepayment for the following year, which increases the portion of the maintenance that is tax deductible.
2. Oil use increases sharply during the winter.
CASH POSITION
1994 1993 1992 1991
January 31 $148,901 $ 86,409 $ 38,084 $ 33,768
February 28 $180,175 94,037 88,710 55,493
March 31 $212,063 131,236 124,574 74,509
April 30 $245,950 156,544 178,539 144,491
May 31 $283,157 196,654 233,455 175,443
June 30 $281,767 100,172 180,954 173,829
July 31 $324,111 159,666 133,170 90,507
August 31 $378,017 192,727 180,326 157,079
September 30 $381,046 158,187 101,968 85,488
October 31 $427,444 192,701 127,087 114,004
November 30 $454,992 219,101 190,202 142,690
December 31 116,394 60,607 50,489
Average $150,319 $136,473 $108,149
BUDGET DETAILS
1/1/94
1995 1994 Thru 1993
Budget Budget 10/31/94 Actual
Income
Commercial rent $ 86,000 $ 86,000 $ 71,667 $ 86,000
Commercial rent additional 20,000 25,000 20,119 23,342
Laundry rent 10,000 10,000 8,793 10,172
Interest income 3,000 1,900 2,775 664
Flip tax - 2% 7,000 4,000 7,808 9,690
Sublet fees 20,000 14,000 17,359 14,626
Late fees 1,500 1,200 1,700 1,226
Interview fees 2,500 3,800 2,300 4,350
Other income (bike room, etc.) 700 0 732 600
Subtotal Income $150,700 $145,900 $133,253 $150,670
Real Estate tax $275,000 $303,000 $136,384 $261,696
Corporate tax 6,000 4,000 6,726 3,277
Mortgage interest) 292,500 292,500 243,750 292,500
Subtotal Taxes + Interest $573,500 $599,500 $386,860 $557,473
Heating Oil $25,000 $25,000 $19,992 $25,191
Electricity + Gas 18,000 18,000 14,661 18,181
Water + Sewer* 15,000 20,000 (58,752) 40,263
Subtotal Utilities $58,000 $63,000 ($24,099) $83,635
Management fees $49,500 $45,000 $37,500 $45,000
Insurance 40,000 40,000 40,199 37,907
Legal 15,000 1,000 5,952 553
Audit fees 6,000 5,800 5,700 5,400
Telephone 3,000 3,000 1,825 1,599
Engineering 0 0 4,207 5,273
Office expenses 6,000 2,500 5,059 4,960
Subtotal General +
Administrative $119,500 $97,300 $100,442 $100,692
Payroll $130,000 $125,000 $100,700 $147,082
Payroll Taxes 12,000 10,000 9,549 12,962
Health insurance 14,000 13,000 12,387 17,791
Subtotal Labor $156,000 $148,000 $122,636 $177,835
Repairs $33,000 $30,000 $27,712 $51,658
Unanticipated items** 10,000 10,000 0 0
Subtotal Expenses $950,000 $947,800 $613,551 $971,293
Expenses less Income $799,300 $801,900 $480,298 $820,623
Maintenance fees $887,623 $866,981 $722,484 $866,981
Assessment $ 0 $ 78,028 $ 65,024 $ 0
Addition to cash fund $ 88,323 $143,109 $307,210 $ 46,358
*This figure is negative in 1994 because the City refunded our overpayments and subsidized our water meter installation.
**This line is used for budgeting, but as the actual figures are paid, the expenses are charged to the categories listed above.
1993 Newsletters Acrobat file Return to archive 1995 Newsletters
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