Newsletter 207

Newsletter #206 Acrobat file Return to archive Newsletter #208

350 BLEECKER STREET CO-OP NEWSLETTER #207
December 15, 2007

The board met on December 11, 2007. Among the items discussed:

HOLIDAY FESTIVITIES

There was a tree decorating party in the lobby on December 10, 2007. Several shareholders put up lights and ornaments.

350 Bleecker is fortunate to have dedicated and hard working employees. At this time of year, many shareholders give tips to our staff:

Rifat Otovic, super since 1989
Armando Sanchez, doorman since 1989
Geoff Merrill, weekend doorman since 1993
Jaroslav "Yarrick" Drozd, porter since 2005
Anes Otovic, part-time doorman since 2005
Alfonso Uelez, part-time doorman since 2006

2007 BUDGET

In keeping with general cost increases, our maintenance also increases. The board voted to keep this year's increase at about 3%, from $5.79/share to $5.97/share. You can calculate your 2008 maintenance by going to our website: http://www.350bleecker.com/policy/shares.html.

In addition, the real estate tax abatement will be "taken-back" and credited to the building. This will be shown on your maintenance bill in two line-items: the abatement and a corresponding "assessment" identical to the abatement, resulting in no additional out-of-pocket cost to residential shareholders. The abatement will appear on the February or March bill, when the co-op receives it from the city.

The maintenance increase goes into effect as of the January bill. The STAR abatement is available to resident shareholders, and it will be shown as a credit on your maintenance bill some time in 2008. Shareholders who are not receiving the abatement, which is available to owners of one residence in New York state, should go to http://www.nyc.gov, Department of Finance page, for information and an application form.

In addition to the charges discussed above, the 2008 budget (attached) includes these fees:

1. Sublet fee of $3.00/share per month. $4.50/share in the 3rd year of the sublease.
2. Bike room: $150.00 yearly, per bike
3. Purchase application, to co-op: $250.00
4. Purchase application, to Tudor: $250.00
5. Sublet application, to co-op: $250.00, and fee to Tudor: $250.00
6. Carpet inspection fee: 1st is free, subsequent inspections $250.00
7. Lost gym key: $20.00
8. Late maintenance payment: 24% per annum for any outstanding debt, which amounts to about $15 for an average one-bedroom apartment that is one month in arrears.

SPONSOR REQUEST FOR CHANGES TO STORES

The sponsor submitted new plans to the board on November 19, 2007. The area in question and the sponsor's plans are posted on our website: http://www.350bleecker.com/planter/removal.html.

So far, the board has had several conversations on the phone with the sponsor. The sponsor has taken the position that they may build anywhere on their exterior walls, other than the planters and stairwell on Bleecker Street. The board believes that any exterior work on the building must have the co-op's consent.

LAUNDRY ROOM

The new washers and dryers will be installed in February. The final details of the contract are being negotiated. The new machines will be owned by the building, which gives us the flexibility to remove a machine that is not working well. The machines will be maintained on a service contract.

The laundry room will be closed for two weeks during the installation. There will be signs posted around the building in advance of the project.

NEW CONSTRUCTION REQUIREMENTS

The board passed two new rules that were added to the alteration agreement (See http://www.350 bleecker.com/policy/alter.html). All new bathroom floors in a renovation must have a new lead-bend for the toilet fixture. The Superintendent has found than many newly installed floors have broken lead-bends, because the contractor attempts to raise the floor too high to accommodate the fixture.

The board also now requires that all new bathroom wet walls in a renovation must have a shut-off valves installed if the valves are more than ten years old or deemed defective. This rule will help the shareholder when a water-shut off is needed, a building-wide shut-off will not be necessary.

DESIGN COMMITTEE

A new oriental carpet was installed in the lobby. The carpet was donated to the co-op by a shareholder. The next meeting of the Design Committee is December 17, 2007 in apartment 6E at 6:30 PM.

DOORMAN STATION AND LOBBY

The doorman station was rebuilt to be flush with the existing column. The desk will be lowered by two inches, and an intercom will be installed.

APARTMENTS FOR SALE

350 Bleecker Street Apartment Corp.
2008 Budget

	2007	2007	2008
	Budget	Projected Actual	Budget

Income
Maintenance	1,198,113	1,198,113	1,193,875
Abatement Assessment	80,000	87,986	80,000
Late Charges	1,000	1,500	1,000
Sublet Fees	17,000	19,764	20,088
Commercial Rent Income	86,000	86,000	86,000
Additional Commercial Rent	6,000	6,000	6,000
Laundry Income	14,000	10,000	10,000
Interest and Dividend Income	1,500	1,000	1,000
Bike Room	3,600	2,625	2,600
Storage	2,000	500	500
Repair Charges	0	1,500	0
Other Income	3,712	6,000	5,000

Total Income	1,412,925	1,420,988	1,406,063

Expenses
Payroll
Payroll Expenses	207,664	230,861	235,478
Workman's Comp	7,584	9,723	10,209
Health Benefits	34,688	43,912	46,108
Rawls Pension	15,000	incl. in payroll	incl. in payroll
Other Payroll	2,500	2,250	2,500

Payroll	267,436	286,746	294,295

Building Utilities
Heating Fuel	52,000	59,060	62,500
Electricity	34,000	37,500	30,000
Gas	12,500	5,917	7,500
Water & Sewer	25,000	20,394	22,739

Building Utilities	123,500	122,871	122,739

Building Services
Exterminating	3,500	4,431	4,653
Elevator Service	9,763	9,299	9,763
Cable TV	488	661	694
Fitness Center	1,000	1,000	1,000
Groundskeeping	12,500	12,500	12,500
Security System	0	0	0
Water Treatment	0	525	550
Uniform Cleaning	500	500	500

Building Services	27,751	28,916	29,660

Repairs & Supplies
Electrical Repairs	1,000	0	500
Elevator Repairs	500	1,500	1,000
Compactor Repairs	1,000	0	1,000
Heating Repairs	5,000	3,500	5,000
Painting Repairs	500	0	500
Plumbing Repairs	5,000	5,000	5,000
Roof Repairs	0	8,500	5,000
Tenant Repairs	2,500	0	2,500
Other Repairs	10,000	16,800	10,000
Supplies	22,500	22,500	22,500

Repairs & Supplies	48,000	57,800	53,000

Professional Services
Management Fee	47,859	47,859	49,773
Accounting Fees	8,400	8,400	8,400
Legal Fees	10,000	10,000	10,000
Architects Fees	0	0	0
Engineering Fees	0	0	0
Inspection Fees	2,000	3,000	2,500
Other Consulting Services	0	1,000	500

Professional Services	68,259	70,259	71,173

Insurance
Multi Peril Insurance	56,239	54,563	57,291
Other Insuance	0	0	0

Insurance	56,239	54,563	57,291

Other Expenses
Mortgage Payment	250,325	250,325	250,325
Banking Fees	0	0	0
Licenses & Permits	3,000	1,500	1,500
Dues & Subscriptions	1,000	1,500	1,500
Other Expense	1,000	1,000	1,000
Meeting Expense	500	1,000	1,000

Other Expenses	255,825	255,325	255,325

Office Expense
Telephone	1,200	1,200	1,200
Beepers/Radio	0	0	0
Delivery/Messenger	1,000	850	850
Postage	50	200	200
Duplicating Expense	0	250	250
Stationery/Supplies	100	100	100
Other Office Expense	0	0	0

Office Expense	2,350	2,600	2,600

Taxes
Real Estate Taxes	548,265	539,828	547,561
Corporate Taxes	7,500	6,500	7,500

Taxes	555,765	546,328	555,061

Contingency	7,800	0	5,000

Reserve for Capital	0	0	0

Total Expenses	1,412,925	1,425,407	1,446,145

Surplus/(Deficit)	0	-4,419	0

Required Maintenance	$1,233,957
# Shares	17,244
Maintenance per Share - 2007	5.79
Maintenance per Share - 2008	5.97
Percent Increase	3.11%

Newsletter #206 Acrobat file Return to archive Newsletter #208