Newsletter 228     Acrobat file     Return to archive     Newsletter 230

350 BLEECKER STREET CO-OP NEWSLETTER #229
December 13, 2009

The board met on December 8, 2009.  Among the issues discussed:

HOLIDAY CHEER

350 Bleecker has a 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
Alfonso Uelez, part-time doorman since 2006

2010 BUDGET

The City of New York has raised our taxes again, but not as severely as last year.  As mentioned in the last newsletter, three items comprise 74% of the budget: real estate taxes, our mortgage and our payroll.

This year, most co-ops in Manhattan are raising their maintenance by five percent or more.  As always, the members of the board attempted to reduce any extraneous costs.

The board voted to keep this year's increase at 3.24%, from $6.4315/share to $6.64/share. You can calculate your 2010 maintenance by going to our website: http://www.350bleecker.com /policy/shares.html. The maintenance increase will go into effect as of the January, 2010 bill.

In addition, the board voted for the real estate tax abatement to be "taken-back" and credited to the building. We anticipate that this will be shown on your maintenance bill as 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 STAR abatement is available to resident shareholders, and it will be shown as a credit on your maintenance bill some time next year. 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 2010 budget (attached) includes these fees:

1.            Sublet fee: $3.00/share per month, increasing to $4.50/share in the 3rd year of a sublease.
2.            Bike space fee: $150.00 yearly, per bike.
3.            Purchase application fee, to co-op: $250.00.
4.            Purchase application fee, to Tudor: $250.00.
5.            Purchase application fee, to Transfer agent: $650.00 fee for seller, $400.00 for
               purchaser, plus expenses if the purchaser finances, $70 plus expenses if no
               financing. Other fees can be charged by the Transfer Agent, such as sending
               papers to be signed in advance of the closing costs ($150).
6.            Sublet application fee, to co-op: $250.00.
7.            Sublet application fee, to Tudor: $250.00.
8.            Carpet inspection fee: first inspection is free, subsequent inspections are $250.00.
9.            Lost gym key: $20.00.
10.          Lost apartment key: $100.00 if superintendent is needed between 11:00 PM and 8:00 AM.
11.          Compactor fee: $250 for each improper item sent down the chute.
12.          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.

None of the fees listed above were increased for 2010.  The annual budget is published at the end of this newsletter.

LOBBY DECORATIONS

Members of the design committee decided to install lights for the awning on Bleecker Street. The lights were donated to the building.

GYM FLOOR REPAIR

The gym flooring was beginning to shift out of place.  The building has hired a contractor who will charge us approximately $3,300 to move all the equipment and glue down the floor.

FRONT DOOR REPAIR

The outside front door's header needed repair.  The board is bidding out a contract this month.  The project will cost about $5,000 and will be completed in the next three months.

BIKE SPACES

As mentioned above, the bike space fee remained at $150 per year.  But because the demand for a bike space is so high, the board voted to establish that once a shareholder sells his or her apartment, the bike space must be returned to the co-op for use by another shareholder; the bike space cannot be sold or transferred to the buyer of an apartment.  If you would like to get on the bike space waiting list, please contact the managing agent at: paulm@tudorrealty.com.

SPONSOR RENT DEFAULT

The co-op and the sponsor, through their attorneys, have been discussing this matter since the issuance of the default notice to the sponsor back in October.  As we noted in the October, 2009 newsletter, the dispute between the parties relates to paragraph 41 of the master commercial lease, the calculation of the additional rent due under that clause, and the sponsor's failure to pay the amounts that they have been billed.  Based upon the conversations between the co-op and the sponsor to date, it is likely that we will not be able to resolve this disagreement on our own.  Therefore, this issue will most likely be presented to arbitration.  The board will keep you apprised of any significant developments.

APARTMENTS FOR SALE

Newsletter 228     Acrobat file     Return to archive     Newsletter 230

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350 Bleecker Street Apartment Corp.
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