Newsletter 232 Acrobat file Return to archive Newsletter 234
The board met on May 11, 2010. Among the issues discussed:
LOCAL LAW 11 WORK
Last week the building's engineer surveyed the condition of the exterior of the building, as required by Local Law 11. The building was completely re-pointed eleven years ago. For that reason, the inspections (which take place every five years) revealed practically no deterioration of the pointing.
The condition of the bricks is good, but some work will need to be done. Because some of the deterioration faces Charles Street, Bleecker Street and 10th Street, the work will require a scaffold. With any luck, the work will be done in three weeks or less.
The timing of the project depends on when the engineer finishes the review. The board expects the work to begin in September.
HALLWAY SPACE
According to the house rules, “The public halls and stairways of the building shall not be obstructed or used for any purpose other than ingress to and egress from the apartments in the building, and the fire towers shall not be obstructed in any way.” Recently several residents have left items in the hallway, other than a stray umbrella.
The rules also state that no velocipedes, bicycles, scooters or similar vehicles shall be allowed in the public halls, passageways, areas or courts of the building.
Please do not store items in the hallway. In addition to being a violation of the house rules, it is a violation of New York City Multiple Dwelling Law and New York City Building Code. Rather than face a fine from the city, the staff has been instructed to remove items that could be in violation of the code.
In addition, the co-op is responsible for the maintenance of the hallways, including the areas in front of each resident's apartment door. To the extent any resident stores any garbage in the hallways, or causes any dirt or debris or damage to the hallways, either on its own or by one of its contractors, such resident is responsible for the costs to clean or repair the area in question.
SPONSOR MATTERS
Commercial Lease / Rental Dispute / Default Notice and Arbitration
For updates on the status of the arbitration proceeding, which was commenced last month, please see the legal papers that have been exchanged between the co-op and 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 / Violations / Default Notice and Court Action
The co-op is pleased to advise that the court action has been discontinued as a result of the efforts of the sponsor to correct the violations affecting the commercial space.
You can find a copy of the legal papers that have been exchanged between the co-op and the sponsor and filed with the court here: http://www.350bleecker.com/newsletters/html/232a.html.Jan thru |
|||
4/30/10 |
|||
Jan thru |
2010 |
vs. annual |
|
04/30/10 |
Budget |
Budget |
|
Income |
|||
Maintenance |
458,001 |
1,374,002 |
33% |
Special Assesment of Tax Rebate |
114,673 |
100,000 |
115% |
Late/legal fees |
393 |
500 |
79% |
Sublet fees |
15,615 |
42,516 |
37% |
Transfer Fees (2% of sales price) |
0 |
0% |
|
Repair charges |
2,191 |
0 |
0% |
Shareholders Total |
590,873 |
1,517,018 |
39% |
Commercial Rent |
28,667 |
86,000 |
33% |
Additional Commercial Rent |
0 |
6,000 |
0% |
Commercial Tenants |
28,667 |
92,000 |
31% |
Closet/Storage Charge |
4,700 |
10,000 |
47% |
Hallway Space |
0 |
0 |
|
Bike Room |
3,750 |
3,380 |
111% |
Laundry Income |
10,320 |
25,000 |
41% |
Fees and Other Income |
4,500 |
10,000 |
45% |
Other Building Income |
23,270 |
48,380 |
48% |
Interest and dividends |
137 |
500 |
27% |
Total Income |
642,946 |
1,657,898 |
39% |
Expenses: |
|||
Payroll |
|||
Medical + dental insurance + ADP fees |
17,407 |
62,369 |
28% |
Payroll (incl Worker's Comp) |
88,972 |
242,421 |
37% |
Subtotal labor |
106,379 |
304,790 |
35% |
Utilities |
|||
Gas for steam heat + hot water |
33,955 |
75,648 |
45% |
Electricity + gas for cooking |
8,822 |
29,000 |
30% |
Water & Sewer |
7,204 |
26,458 |
27% |
Subtotal Utilities |
49,981 |
131,106 |
38% |
Building Services |
|||
Internet Services |
0 |
0 |
0% |
Cable TV |
581 |
1,750 |
33% |
Exterminator |
540 |
3,250 |
17% |
Landscaping/Rubish removal |
4,225 |
10,000 |
42% |
Exercise Room |
495 |
1,500 |
33% |
Laundry Service |
1,339 |
1,500 |
89% |
Elevator Service |
2,335 |
9,591 |
24% |
Uniform cleaning |
0 |
500 |
0% |
Heating and Water Service |
0 |
650 |
0% |
Subtotal Services |
9,515 |
28,741 |
33% |
Repairs |
|||
Boiler, Plumbing, Compactor, A/C Repairs |
1,764 |
8,000 |
22% |
Electrical Repairs incl intercom |
95 |
500 |
19% |
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 |
955 |
5,000 |
19% |
Janitorial supplies |
14,727 |
30,000 |
49% |
Subtotal Repairs |
17,541 |
54,500 |
32% |
Professional Services |
|||
Management Fee (Tudor) |
17,000 |
51,000 |
33% |
Accounting |
2,875 |
10,000 |
29% |
Legal Fees |
29,879 |
10,000 |
299% |
Architect + engineer + insp. + consulting |
1,868 |
7,000 |
27% |
Professional Services Sub |
51,622 |
78,000 |
66% |
Insurance |
8,972 |
50,674 |
18% |
Other Expenses |
|||
Mortgage Interest & Principal |
86,397 |
250,325 |
35% |
Dues and subscriptions |
1,505 |
3,000 |
50% |
Other Building Expenses |
242 |
1,000 |
24% |
Subtotal Other Expenses |
88,144 |
254,325 |
35% |
Office Expenses |
|||
Phone |
442 |
1,200 |
37% |
Postage/Delivery |
221 |
950 |
23% |
Stationary/duplicating |
0 |
350 |
0% |
Subtotal Office Expenses |
663 |
2,500 |
27% |
Travel and G&A |
980 |
1,100 |
89% |
Real Estate Tax |
252,688 |
755,899 |
33% |
Contingency |
0 |
0 |
0% |
Reserve for Capital Budget |
0 |
0 |
0% |
Total Expense |
586,486 |
1,661,635 |
35% |
Tax rebate for 2010 |
0 |
100,000 |
0% |
Net Income/(Loss) |
56,461 |
96,263 |
59% |
Footnote: at the end of April 2010 the co-op had $278,371.02 in cash.
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Copyright © 2010
350 Bleecker Street Apartment Corp.
All rights reserved.