Newsletter #207 Acrobat file Return to archive Newsletter #209
350 BLEECKER STREET CO-OP NEWSLETTER #208
January 18, 2008
The Board met on January 8, 2008 and the Design Committee met on January 16, 2008. Among the items discussed:
GARBAGE ROOMS
It has come to the Board’s attention that certain residents purchase large garbage bags that do not fit into the garbage chute. They leave a large bag of garbage in the garbage room, which attracts vermin, especially when there is pet food in the bags.
If you have large bags of garbage, please be considerate and bring your large bags and boxes to the basement. It not only helps your neighbors, but also the staff will spend less time removing your garbage, thus lowering your maintenance.
The Board will be purchasing new recycling containers for each garbage room and new signs will be posted advising of which items should not be thrown down the garbage chute. For example, kitty litter should not be sent down the chute, either in a bag or loose. Even in a bag, due to its weight, it generally breaks apart when it reaches the compactor; loose kitty litter clogs the compactor.
SPONSOR REQUEST FOR DEVELOPMENT
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.
The Board and the sponsor are in discussions regarding the scope of the sponsor’s alterations and the extent to which the Board under its lease with the sponsor has the right to approve their plans. The Board has retained Greenberg Traurig, a well respected law firm, to advise the coop as to its legal position under its lease with the sponsor. Thus far, the discussions with the sponsor have been cordial. Please note, however, that if the Board and the sponsor are unable to reach an agreement, it is possible that the sponsor may elect to have a court determine its legal position under its lease with the coop. The board will, of course, keep you apprised of any significant developments regarding this issue.
CONSTRUCTION ISSUES
Before any renovation can begin, the Board must approve the plans. Recently, a shareholder attempted to install a whirlpool bathtub when their plans merely stated that a new bathtub would be installed. The managing agent asked that the installation cease.
In some cases, the Board cannot approve the plans until the building's engineer first approves the work. When the renovation is only cosmetic (e.g. painting and plastering), the Board can approve the renovation without the services of its engineer.
DESIGN COMMITTEE
The Atlantic Gallery's board approved the installation of artwork in our lobby. The art will be changed every six weeks. The first exhibition, by Ascha Drake, was installed in the lobby today. The board will decide on the furniture and rug choices made at the last design committee meeting, which can be viewed at http://www.350bleecker.com/design/lobby/design.html.
APARTMENTS FOR SALE
350 Bleecker Street Apartment Corp.
January Through December 2007
Spending Vs. Budget (Unaudited)
|
|
|
|
Jan thru Dec |
|
|
Jan thru |
2007 |
vs. annual |
|
|
12/31/07 |
Budget |
Budget |
|
Income |
|
|
|
|
Maintenance |
1,198,113 |
1,198,113 |
100% |
|
Special
Assesment of Tax Rebate |
87,986 |
80,000 |
110% |
|
Late/legal
fees |
1,410 |
1,000 |
141% |
|
Sublet
fees |
20,964 |
17,000 |
123% |
|
Repair
charges |
1,497 |
0 |
0% |
|
Shareholders Total |
1,309,970 |
1,296,113 |
101% |
|
|
|
|
|
|
Commercial
Rent |
86,000 |
86,000 |
100% |
|
Additional
Commercial Rent |
0 |
6,000 |
0% |
|
Commercial Tenants |
86,000 |
92,000 |
93% |
|
|
|
|
|
|
Closet/Storage
Charge |
125 |
2,000 |
6% |
|
Hallway
Space |
475 |
0 |
|
|
Bike
Room |
2,625 |
3,600 |
73% |
|
Laundry
Income |
12,141 |
14,000 |
87% |
|
Fees
and Other Income |
7,755 |
3,712 |
209% |
|
|
|
|
|
|
Other Building Income |
23,121 |
23,312 |
99% |
|
|
|
|
|
|
Interest
and Dividends |
1,045 |
1,500 |
70% |
|
|
|
|
|
|
|
|
|
|
|
Total
Income |
1,420,136 |
1,412,925 |
101% |
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
Payroll |
|
|
|
|
Medical + dental insurance + ADP fees |
55,280 |
37,188 |
149% |
|
Payroll (incl Worker's Comp) |
246,019 |
230,248 |
107% |
|
Subtotal Labor |
301,298 |
267,436 |
113% |
|
|
|
|
|
|
Utilities |
|
|
|
|
Gas for steam heat + hot water |
67,606 |
52,000 |
130% |
|
Electricity + gas for cooking |
29,987 |
46,500 |
64% |
|
Water & Sewer |
15,009 |
25,000 |
60% |
|
Subtotal Utilities |
112,603 |
123,500 |
91% |
|
|
|
|
|
|
Building
Services |
|
|
|
|
Internet Services |
0 |
0 |
0% |
|
Cable TV |
667 |
488 |
137% |
|
Cleaning Services |
3,224 |
0 |
|
|
Exterminator |
4,859 |
3,500 |
139% |
|
Landscaping/Rubish removal |
11,044 |
12,500 |
88% |
|
Exercise Room |
7,534 |
1,000 |
753% |
|
Elevator Service |
9,299 |
9,763 |
95% |
|
Uniform cleaning |
263 |
500 |
53% |
|
Heating and Water Service |
2,500 |
0 |
|
|
Subtotal Services |
39,389 |
27,751 |
142% |
|
|
|
|
|
|
Repairs |
|
|
|
|
Boiler, Plumbing, Compactor, A/C
Repairs |
3,055 |
6,000 |
51% |
|
Electrical Repairs |
1,750 |
1,000 |
175% |
|
Elevator Repairs |
1,599 |
500 |
320% |
|
Heating Repairs |
748 |
5,000 |
15% |
|
Painting Repairs |
850 |
500 |
170% |
|
Tenant Repairs |
11,775 |
2,500 |
471% |
|
Other Repairs |
22,420 |
10,000 |
224% |
|
Janitorial supplies |
29,036 |
22,500 |
129% |
|
Subtotal Repairs |
71,232 |
48,000 |
148% |
|
|
|
|
|
|
Professional
Services |
|
|
|
|
Management
Fee (Tudor) |
47,859 |
47,859 |
100% |
|
Accounting |
5,815 |
8,400 |
69% |
|
Legal
Fees |
16,544 |
10,000 |
165% |
|
Architect
+ engineer + inspection + consulting |
4,146 |
2,000 |
207% |
|
Professional Services Sub |
74,364 |
68,259 |
109% |
|
|
|
|
|
|
Insurance |
45,330 |
56,239 |
81% |
|
|
|
|
|
|
Other
Expenses |
|
|
|
|
Mortgage Interest & Principal |
250,325 |
250,325 |
100% |
|
Dues and subscriptions |
2,898 |
4,000 |
72% |
|
Other Building Expenses |
8,960 |
1,000 |
896% |
|
Subtotal Other Expenses |
262,183 |
255,325 |
103% |
|
|
|
|
|
|
Office
Expenses |
|
|
|
|
Phone |
1,107 |
1,200 |
92% |
|
Postage/Delivery |
1,234 |
1,050 |
118% |
|
Stationary |
43 |
100 |
43% |
|
Subtotal Office Expenses |
2,383 |
2,350 |
101% |
|
|
|
|
|
|
Travel
and G&A |
1,011 |
500 |
202% |
|
|
|
|
|
|
Real
Estate Tax |
552,118 |
555,765 |
99% |
|
|
|
|
|
|
Contingency |
0 |
7,800 |
0% |
|
|
|
|
|
|
Reserve
for Capital Budget |
0 |
0 |
0% |
|
|
|
|
|
|
Total Expense |
1,461,910 |
1,412,925 |
103% |
|
|
|
|
|
|
Tax rebate for 2006 |
87,986 |
80,000 |
110% |
|
|
|
|
|
|
Net
Income/(Loss) |
46,212 |
80,000 |
58% |
Footnote: At the end of December 2007, the co-op had $499,261.74 in cash.
Newsletter #207 Acrobat file Return to archive Newsletter #209
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350 Bleecker Street Apartment Corp.
All rights reserved.