Newsletter #217 Acrobat file Return to archive Newsletter #219
350 BLEECKER STREET CO-OP NEWSLETTER #218
December 13, 2008
The board met on December 9, 2008, and the design committee met the following night. Among the issues discussed:
HOLIDAY CHEER
350 Bleecker has an incredibly dedicated and hard working staff. At this time of year, our shareholders give tips to our staff. They have worked hard this year and deserve a hearty thank you.
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
2009 BUDGET
The City of New York has raised our taxes more than any year since the inception of the co-op. As mentioned in the last newsletter, three items comprise 74% of the budget: real estate taxes, mortgage and payroll.
This year, most co-ops in Manhattan are raising their maintenance by ten percent or more. The board decided to inspect every line in the budget, and tried to reduce any extraneous costs.
The increase in taxes was combined with a large increase in our assessment by the City of New York. The board hired a tax certiorari attorney to lower our assessment.
The board voted to keep this year's increase at 7.73%, from $5.97/share to $6.4315/share. You can calculate your 2009 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 2009. 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, the Department of Finance page, for information and an application form.
In addition to the charges discussed above, the 2009 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 $16 for an average one-bedroom apartment that is one month in arrears.
LOBBY DECORATIONS
The design committee decided to change and improve the lobby’s holiday decorations, including lights for the awning on Bleecker Street.
WINDOW PROGRAM
The board amended the window program to allow only shareholders who are in compliance with the co-op’s rules.
SPONSOR STORE RENOVATION
The sponsor is putting the final touches on their plans for the store renovation. The board’s engineer has reviewed the plans, and has made suggestions to the sponsor. When the latest plans have been scanned, they will be posted here: http://www.350bleecker.com/store/rendering.html.
A sample of the new stairwell material is posted in the bulletin board case by the mail room.
| 350 Bleecker Street Apartments Corp. 2009 Budget | |||||
| 2008 | 2008 | 2009 | |||
| Budget | Projected Actual | Budget | |||
| Income | |||||
| Maintenance | 1,235,359 | 1,235,359 | 1,330,810 | ||
| Abatement Assessment | 80,000 | 85,470 | 90,000 | ||
| Late Charges | 1,000 | 200 | 500 | ||
| Sublet Fees | 20,088 | 44,205 | 57,528 | ||
| Commercial Rent Income | 86,000 | 86,000 | 86,000 | ||
| Additional Commercial Rent | 6,000 | 6,000 | 6,000 | ||
| Laundry Income | 10,000 | 17,000 | 27,000 | ||
| Interest and Dividend Income | 1,000 | 1,000 | 1,000 | ||
| Bike Room | 2,800 | 3,250 | 3,250 | ||
| Storage | 500 | 375 | 15,000 | ||
| Repair Charges | 0 | 0 | 0 | ||
| Other Income | 5,000 | 10,000 | 10,000 | ||
| Total Income | 1,447,747 | 1,488,859 | 1,627,088 | ||
| Expenses | |||||
| Payroll | |||||
| Payroll Expenses | 235,478 | 232,483 | 244,107 | ||
| Workman's Comp | 10,350 | 9,763 | 10,251 | ||
| Health & Pension Benefits | 46,070 | 62,844 | 65,416 | ||
| Other Payroll | 2,500 | 2,750 | 3,000 | ||
| Payroll | 294,398 | 307,840 | 322,774 | ||
| Building Utilities | |||||
| Heating Fuel | 62,500 | 72,065 | 75,000 | ||
| Electricity | 30,000 | 25,000 | 30,000 | ||
| Gas | 7,500 | 6,676 | 7,500 | ||
| Water & Sewer | 22,739 | 28,795 | 32,970 | ||
| Building Utilities | 122,739 | 132,536 | 145,470 | ||
| Building Services | |||||
| Exterminating | 4,653 | 2,550 | 2,678 | ||
| Elevator Service | 9,763 | 9,299 | 9,763 | ||
| Cable TV | 694 | 785 | 824 | ||
| Fitness Center | 1,000 | 1,000 | 1,000 | ||
| Groundskeeping | 12,500 | 12,500 | 9,500 | ||
| Security System | 0 | 0 | 0 | ||
| Water Treatment | 550 | 525 | 550 | ||
| Uniform Cleaning | 500 | 500 | 500 | ||
| Building Services | 29,660 | 27,159 | 24,815 | ||
| Repairs & Supplies | |||||
| Electrical Repairs | 500 | 500 | 500 | ||
| Elevator Repairs | 1,000 | 3,000 | 1,000 | ||
| Compactor Repairs | 1,000 | 0 | 1,000 | ||
| Heating Repairs | 5,000 | 3,500 | 5,000 | ||
| Painting Repairs | 500 | 500 | 500 | ||
| Plumbing Repairs | 5,000 | 6,000 | 6,000 | ||
| Roof Repairs | 5,000 | 0 | 0 | ||
| Tenant Repairs | 2,500 | 3,000 | 3,000 | ||
| Other Repairs | 10,000 | 5,000 | 5,000 | ||
| Supplies | 24,000 | 30,000 | 30,000 | ||
| Repairs & Supplies | 54,500 | 51,500 | 52,000 | ||
| 2008 | 2008 | 2009 | |||
| Budget | Projected Actual | Budget | |||
| Professional Services | |||||
| Management Fee | 49,773 | 49,773 | 51,000 | ||
| Accounting Fees | 8,400 | 10,000 | 10,000 | ||
| Legal Fees | 10,000 | 40,000 | 10,000 | ||
| Architects Fees | 0 | 0 | 0 | ||
| Engineering Fees | 0 | 0 | 0 | ||
| Inspection Fees | 2,500 | 2,000 | 2,500 | ||
| Other Consulting Services | 500 | 2,600 | 1,000 | ||
| Professional Services | 71,173 | 104,373 | 74,500 | ||
| Insurance | |||||
| Multi Peril Insurance | 57,291 | 49,749 | 52,236 | ||
| Other Insuance | 0 | 0 | 0 | ||
| Insurance | 57,291 | 49,749 | 52,236 | ||
| Other Expenses | |||||
| Mortgage Payment | 250,325 | 250,325 | 250,325 | ||
| Banking Fees | 0 | 0 | 0 | ||
| Licenses & Permits | 1,500 | 1,500 | 1,500 | ||
| Dues & Subscriptions | 1,500 | 1,500 | 1,500 | ||
| Other Expense | 1,000 | 1,500 | 1,500 | ||
| Meeting Expense | 1,000 | 1,100 | 1,100 | ||
| Other Expenses | 255,325 | 255,925 | 255,925 | ||
| Office Expense | |||||
| Telephone | 1,200 | 1,200 | 1,200 | ||
| Beepers/Radio | 0 | 0 | 0 | ||
| Delivery/Messenger | 850 | 1,250 | 1,250 | ||
| Postage | 200 | 200 | 200 | ||
| Duplicating Expense | 250 | 250 | 250 | ||
| Stationery/Supplies | 100 | 100 | 100 | ||
| Other Office Expense | 0 | 0 | 0 | ||
| Office Expense | 2,600 | 3,000 | 3,000 | ||
| Taxes | |||||
| Real Estate Taxes | 547,561 | 575,365 | 686,366 | ||
| Corporate Taxes | 7,500 | 14,756 | 10,000 | ||
| Taxes | 555,061 | 590,121 | 696,366 | ||
| Contingency | 5,000 | 0 | 0 | ||
| Reserve for Capital | 0 | 0 | 0 | ||
| Total Expenses | 1,447,747 | 1,522,203 | 1,627,088 | ||
| Surplus/(Deficit) | 0 | -33,344 | 0 | ||
| Required Maintenance | 1,330,810 | ||||
| # Shares | 17,244 | ||||
| Maintenance per Share - 2008 | 71.6400 | ||||
| Maintenance per Share - 2009 | 77.1752 | ||||
| Percent Increase | 7.73% | ||||
Newsletter #217 Acrobat file Return to archive Newsletter #219
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350 Bleecker Street Apartment Corp.
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