Newsletter 230 Acrobat file Return to archive Newsletter 232
The board met on February 9, 2010. Among the issues discussed:
GYM LIGHTS TO BE REPLACED
The rubber flooring in the gym was repaired last week. The flooring contractor completed the job in less time than was allotted.
The board voted to purchase new lights for the gym. The design committee will choose new lighting for the gym. Once the committee has chosen the lights, it will take about a week to install. The entire process should be completed by May.
UNATTENDED PETS IN COMMON SPACES
Last month the managing agent was told that a hallway had a pet that roamed the hallway unattended by its owner.
A pet may be deemed a nuisance for substantially interfering with shareholders' use of their apartments (e.g., frequent urination or defecation in the hallway or lobby, constant barking, attacking other tenants, or strong, objectionable odors coming from your apartment).
In the past, residents who had pets that damaged the hallway were charged. In one case, an entire section of hallway carpet was charged-back to the offending apartment.
To avoid this situation in the future, the board voted to impose a $150 fee for any pet that is left unattended in the hallway or any common space in the building. This fee does not apply to anyone walking their dog, or when a cat accidentally strays from an apartment for a minute.
MASTER LEASE RENTAL DISPUTE
As mentioned in the last newsletter, the co-op and the sponsor have been unable to resolve a disagreement regarding the rental increases owed under the master commercial lease. The co-op and the sponsor are preparing for arbitration to resolve the dispute. The board will keep you apprised of any significant developments.
The cost of arbitration should not affect maintenance this year. The arbitration is funded primarily from capital reserve.
Jan thru |
|||
1/31/10 |
|||
Jan thru |
2010 |
vs annual |
|
01/31/10 |
Budget |
Budget |
|
Income |
|||
Maintenance |
114,500 |
1,374,002 |
8% |
Special Assesment of Tax Rebate |
0 |
100,000 |
0% |
Late/legal fees |
161 |
500 |
32% |
Sublet fees |
4,503 |
42,516 |
11% |
Transfer Fees (2% of sales price) |
0 |
0 |
0% |
Repair charges |
615 |
0 |
0% |
Shareholders Total |
119,779 |
1,517,018 |
8% |
Commercial Rent |
7,167 |
86,000 |
8% |
Additional Commercial Rent |
0 |
6,000 |
0% |
Commercial Tenants |
7,167 |
92,000 |
8% |
Closet/Storage Charge |
1,400 |
10,000 |
14% |
Hallway Space |
0 |
0 |
|
Bike Room |
3,750 |
3,380 |
111% |
Laundry Income |
3,470 |
25,000 |
14% |
Fees and Other Income |
1,250 |
10,000 |
13% |
Other Building Income |
9,870 |
48,380 |
20% |
Interest and dividends |
19 |
500 |
4% |
Total Income |
136,834 |
1,657,898 |
8% |
Expenses: |
|||
Payroll |
|||
| Medical + dental insurance + ADP fees |
5,099 |
62,369 |
8% |
| Payroll (incl Worker's Comp) |
17,612 |
242,421 |
7% |
Subtotal Labor |
22,711 |
304,790 |
7% |
Utilities |
|||
| Gas for steam heat + hot water |
10,334 |
75,648 |
14% |
| Electricity + gas for cooking |
2,279 |
29,000 |
8% |
| Water & Sewer |
0 |
26,458 |
0% |
Subtotal Utilities |
12,614 |
131,106 |
10% |
Building Services |
|||
| Internet Services |
0 |
0 |
0% |
| Cable TV |
145 |
1,750 |
8% |
| Exterminator |
0 |
3,250 |
0% |
| Landscaping/Rubish removal |
0 |
10,000 |
0% |
| Exercise Room |
0 |
1,500 |
0% |
| Laundry Service |
0 |
1,500 |
0% |
| Elevator Service |
0 |
9,591 |
0% |
| Uniform cleaning |
0 |
500 |
0% |
| Heating and Water Service |
0 |
650 |
0% |
Subtotal Services |
145 |
28,741 |
1% |
Repairs |
|||
| Boiler, Plumbing, Compactor, A/C Repairs |
0 |
8,000 |
0% |
| Electrical Repairs incl intercom |
0 |
500 |
0% |
| Elevator Repairs |
0 |
1,500 |
0% |
| Heating Repairs |
0 |
7,500 |
0% |
| Painting Repairs |
0 |
500 |
0% |
| Roof Repairs |
0 |
0 |
|
| Tenant Repairs |
0 |
1,500 |
0% |
| Other Repairs |
0 |
5,000 |
0% |
| Janitorial supplies |
1,688 |
30,000 |
6% |
Subtotal Repairs |
1,688 |
54,500 |
3% |
Professional Services |
|||
Management Fee (Tudor) |
4,250 |
51,000 |
8% |
Accounting |
0 |
10,000 |
0% |
Legal Fees |
255 |
10,000 |
3% |
Architect + engineer + inspection + consulting |
0 |
7,000 |
0% |
Professional Services Sub |
4,505 |
78,000 |
6% |
Insurance |
0 |
50,674 |
0% |
Other Expenses |
|||
| Mortgage Interest & Principal |
20,860 |
250,325 |
8% |
| Dues and subscriptions |
948 |
3,000 |
32% |
| Other Building Expenses |
80 |
1,000 |
8% |
21,888 |
254,325 |
9% |
|
Office Expenses |
|||
| Phone |
152 |
1,200 |
13% |
| Postage/Delivery |
57 |
950 |
6% |
| Stationary/duplicating |
0 |
350 |
0% |
Subtotal Office Expenses |
209 |
2,500 |
8% |
Travel and G&A |
0 |
1,100 |
0% |
Real Estate Tax |
66,217 |
755,899 |
9% |
Contingency |
0 |
0 |
0% |
129,977 |
1,661,635 |
8% |
|
Tax Rebate for 2010 |
0 |
100,000 |
0% |
Net Income/(Loss) |
6,857 |
96,263 |
7% |
Footnote: at the end of January 2010 the co-op had $264,866.57 in cash.
Newsletter 230 Acrobat file Return to archive Newsletter 232
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350 Bleecker Street Apartment Corp.
All rights reserved.