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350 BLEECKER STREET CO-OP NEWSLETTER #230
January 16, 2010
The board met on January 12, 2010. Among the issues discussed:
GYM CLOSING ON TUESDAY JANUARY 23, 2010
The rubber flooring in the gym needs to be firmly glued down. A flooring contractor will work in the gym for about one week. The gym should be open within seven days. After the work is finished, the design committee will choose new lighting for the gym.
LOCAL LAW 11 INSPECTION
To comply with Local Law 11, the brick facade of our building must be inspected every five years by a licensed engineer. The building did not need a first inspection in 1999, since we had just finished a complete re-pointing of the entire building.
The co-op's engineering firm finished the second Local Law 11 inspection in 2006. Minor repair work was made in the parking garage and a few areas around the courtyard and roof.
Although the third Local Law 11 inspection must be completed in 2012, the board plans far ahead for this work. Our engineer, Gene Kleinsmith, will perform the third inspection to find any potential problems. The board expects the entire project to be around $10,000.
ADDITIONAL RENT DISPUTE
For the last few months the co-op and the sponsor have been unable to resolve a disagreement regarding the amount of additional rent owed under the master commercial lease. Both sides are preparing for arbitration to resolve the dispute. The board will keep you apprised of any significant developments.
ARREARS
The vast majority of shareholders pay maintenance charges on time. Every now and then a shareholder neglects to pay maintenance. Even though the economy has seen bad times, the arrears rate in the co-op is quite low; very few shareholders fall behind in maintenance.
When a shareholder is late in the payment of their maintenance, the managing agent's office, as a courtesy, usually calls the shareholder to remind them that their payment is overdue. The managing agent also sends a letter to the shareholder advising them of the late payment. However, if after a certain period of time (usually two months) the overdue charges have not been paid, the co-op hands over the matter to its attorneys, at which point a formal default notice may be sent to the shareholder and additional legal steps may be taken to address the overdue charges. The co-op does not wish to take these steps, but it has a responsibility to ensure that maintenance charges are paid on time as it is something that has a significant impact on the financial health of the co-op.
Please note that, if a shareholder is in default in the payment of their maintenance or any other charges due the co-op, in addition to all of the legal rights that the co-op has for the nonpayment of such charges, the co-op may bar residents (or residents' invitees) from using the gym. In addition, a shareholder who is in default may not sublet their apartment.
As a final note, you can save on late fees by having your maintenance deducted electronically, automatically each month. Many shareholders already use this procedure, and none has ever been charged a late fee.
SPONSOR LANDMARKS DISPUTE
As we mentioned in the October, 2009 newsletter, the chocolate store, Pure Dark, which is the tenant under a lease with the sponsor, did not properly file their awning, signage and exterior lighting with the Landmarks Preservation Commission. The city issued a violation against the co-op and required the violation to be cleared before approving any further building permits, including any permits for work within shareholder apartments. In addition, the city indicated that should the co-op wish to have building permits issued for on-going work within the building pending the cure of the outstanding violation, the co-op could post a $10,000 escrow with the city to ensure the proper satisfaction of the violation.
The co-op posted the escrow and was assured by the sponsor that Pure Dark would promptly cure the violation. However, last week the co-op received a notice from the city that detailed that the violation has not been rectified. The co-op is following-up with the sponsor to address the city's latest notice and the underlying violation. The board will keep you apprised of any significant developments.
Footnote: at the end of December 2010 the co-op had $302,927.84 in cash.
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350 Bleecker Street Apartment Corp.
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