Newsletter 231 Acrobat file Return to archive Newsletter 233
The board met on March 16 and April 13, 2010. Among the issues discussed at both meetings:
FINANCIAL STATEMENT
The co-op's accountant is putting the final touches on the 2009 financial statement. It will be posted on our website within the month. As in previous years, three-quarters of our costs are fixed, such as our mortgage, payroll and real estate taxes.
The only change to the percentages noted above will be an increase in the co-op's legal fees, resulting from the on-going sponsor-related disputes (see below).
COURTYARD AND SIDEWALKS PROJECTS
Last month Rob Geils and the superintendent noticed that the fruit trees were dying, since the barrels that held them were too small for their roots. Rifat, Jarrick and Armando built larger containers for the trees in order to save them.
What began as a small project has blossomed into a beautiful design, thanks to our staff's hard work and dedication. The project will be finished before May, just in time for summer. The initial cost has been less than $4,000. The final expense will be two plum trees and an additional cherry tree.
In addition to the courtyard project, the co-op plans to enlarge the area around each tree on Charles, Bleecker and Tenth Streets. The new tree pits will measure a few feet larger than the older design. The board is still in the process of getting bids and specifications on this project.
Tree pit guards are not required by the NYC Parks & Recreation Department or by building code. A tree pit guard is a device, usually a cast-iron fence or wrought-iron wickets, installed around a tree pit for protection. The Parks Department recommends a low cast-iron fence or wrought-iron wickets from 18" to 30" high, around the perimeter of the tree pit. Unfortunately, over the years, the flowers around our building have been damaged by dogs and pedestrians. The board and the co-op's engineer are looking into an alternative, such as granite paving stones, that can save the flowers around the building.
LOBBY LIGHTS
The co-op installed track lights to better illuminate the art exhibitions in the lobby. The tracks cost less than $50 each, and were installed by the staff. The final result can be seen on our website: http://www.350bleecker.com/design/lobby/art/ruggero/vanni.html.
The co-op recently had a professional photographer take pictures of the lobby for free. The photographer was the wife of the current artist in the building. The pictures can be seen here: http://www.350bleecker.com/photos/pix.html.
SPONSOR MATTERS
Commercial Lease / Rental Dispute / Default Notice and Arbitration
As mentioned in previous newsletters, 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 sent a default notice to the sponsor related to the outstanding unpaid rental and this past week initiated an arbitration proceeding (as mandated under the commercial lease) to begin the process of addressing the rental dispute.
You can find a copy of the legal papers that were served upon the sponsor and filed with the arbitration association here: http://www.350bleecker.com/newsletters/html/232b.html.
The board will keep you apprised of any significant developments concerning the arbitration.
Commercial Lease / Rental Dispute / Default Notice and Court Action
In addition to the arbitration, the co-op sent the sponsor a default notice to address several violations on the commercial space that had gone unattended by the sponsor and that were impacting the building's use. As is common in many commercial lease disputes that involve a default notice, the sponsor commenced an action in court to obtain an injunction to stay (or restrict) the co-op's ability to enforce its rights under the lease based upon the default. At the same time, the sponsor began to address the outstanding violations. A ruling on the injunction is expected shortly.
You can find a copy of the legal papers that were exchanged between the co-op and the sponsor and filed with the court here: http://www.350bleecker.com/newsletters/html/232a.html.
The board will keep you apprised of any significant developments concerning this matter.
Please note that the board is mindful of the seriousness of taking legal action against the sponsor and does so only after attempting to resolve the matters directly with the sponsor and after consultation with Tudor and its attorneys, Greenberg Traurig.
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350 Bleecker Street Apartment Corp.
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