Holiday Party

It is with great pleasure that we invite all owners and residents to a Holiday Party in the lobby on Thursday, 15 December 2005, from 6:00pm until 7:30pm. Ms. Barbara Marder will be graciously hosting this event on behalf of the Residential Condominium Committee. We look forward to seeing you.

A Newsletter is on its Way to Owners

The text below is from a newsletter we are preparing to mail out to all unit owners.

October 26, 2005

Dear Owners:
We hope you've had a good summer. We've been very busy. Here’s a brief summary of what’s going on. Please remember there are developments almost every day.

FINANCIAL MATTERS:
New Accountant:
We have retained a new accountant, Bill Rank of Bloom & Streit, LLP, to help us assess the financial condition of the condominium, establish an appropriate operating budget, and review the high number of unpaid bills.

Unpaid Bills:
We discovered that many of the condominium’s bills over the past two years have simply not been paid. The condominium’s accounts payable ledger contains accumulated unpaid bills totaling about $407,000. Some of the bills date back to October, 2003. This debt is equal to about 30% of the common charges collected in a year. There is no record as to why payments were withheld. Our representatives at Cooper Square Realty Inc. (“Cooper Square”), the new managing agent, are currently trying to verify each unpaid bill. Cooper Square’s employees are also spending an inordinate amount of time dealing with vendors whose bills are long overdue. In some cases, Cooper Square has been able to set up payment plans with vendors.

Arrears:
Several owners had fallen substantially in arrears, and no action had been taken to bring their accounts current. Cooper Square has initiated a program to ensure that owners' accounts are current. Monthly payments of common charges are the chief source of income for the condominium, and everyone must carry his or her proportionate share of the total each and every month.

Cost Control:
Our new managing agent and accountants are reviewing the costs incurred to operate the condominium on a daily, weekly, monthly and annual basis. We are exploring ways to increase income, control expenses, manage payables and receivables, and rebuild our depleted reserve fund. Competitive bidding will be required for any substantial work which is to be performed.

NEW BOARD MEMBERS:
Following the resignations in April of board members Stanley Stein, David Roth and Albert Silberfeld, as well as the resignation of the managing agent, Rudd Realty Management Corp., the remaining board members, Diana Moore, Altan Kolsal, and Ronald Giustino acted quickly to fill the vacancies, in accordance with the condominium’s by-laws. They appointed Barbara Marder, Nancy Cherner, Raymond Joe, Jared Danziger, and Juan Villanueva. Our newest member, Mr. Villanueva, is a new owner. He is a senior financial analyst and we are excited to have him on the board.

NEW MANAGEMENT:
In July, we retained Cooper Square as the condominium’s new managing agent. If you have any questions, concerns, or issues with them, please let us know. We want your feedback.

THE SUPERINTENDENT:
In early August, an arrangement was made with Joe Martin. He left his post as superintendent on September 9th and vacated the superintendent’s apartment on September 15th. Mr. Martin filed a lawsuit against the board of managers and the condominium seeking damages of $10 million. Attorneys were appointed by the condominium’s insurance carrier to defend the action, and last week they filed a motion to dismiss the action as baseless. We have begun our search for a new superintendent. If you are interested in joining our hiring committee, please contact us. Kindly let us know if you have any referrals.

GETTING OUR HOUSE IN ORDER—WHAT'S NEXT:
We are working actively with the condominium’s advisors to restore the condominium to fiscal health. We are working on the agenda for the 2005 owners’ meeting, and plan to schedule the meeting very soon. We welcome the input and participation from any and all interested owners at any time, but especially at the owners’ meeting, where we will need a quorum of owners attending either by proxy or personally. Please keep us in mind. If you wish to reach us, leave a note for us at the front desk or send us an email from the condominium’s website, www.45west67condo.blogspot.com

Best Regards,

Nancy Cherner (24C), Jared Danziger (7B), Ron Giustino (24A), Raymond Joe, Altan Kolsal (9H), Barbara Marder (30A), Diana Moore (31A), Juan Villanueva (27D)

Change in Management Team

There is a small change in Cooper Square's team directly responsible for our building. Laurie Weinstein's duties are taken over by Loretta Rose. Her contact information is as follows:

Office: 212 634 8906
Fax: 212 634 3946
email: loretta.rose@coopersquare.com

Ms. Rose will be assisting Yvette Diaz and Keith Werny.

Superintendent Resigns

Mr. Joe Martin has resigned his duties as superintendent, effective September 9, 2005, and he will vacate the super's apartment in the building by the end of this month.

Cooper Square is interviewing candidates for the superintendent position and will recommend a number of persons for the residential committee's consideration. Please let us know your suggestions regarding candidates and their qualifications by leaving a note at the front desk or by email.

The Management Team

The following people are directly responsible for our building:

Ms. Yvette Diaz, Senior Property Manager
Office: 212 634 8945
Fax: 212 634 3946
email: yvette.diaz@coopersquare.com

Ms. Laurie Weinstein, Assistant Property Manager
Office: 212 634 8901
Fax: 212 634 3946
email: laurie.weinstein@coopersquare.com

Mr. Keith Werny, Senior Vice President
Office: 212 634 8913
email: keith.werny@coopersquare.com

Maintenance Bills

Cooper Square sent to all owners, via mail, the maintenance bills for the month of July. Checks should be payable and sent to:

45 West 67th Street Condo
P.O. Box 56007
Newark, New Jersey 07101-0001

Each unit's account number has changed and appears on the bill.

Cooper Square hired as new Managing Agent

The text below is from a newsletter we are preparing to mail out to all unit owners.

June 17, 2005

Dear Unit Owners:

After conducting an intensive search and screening by interviews and inspections of 10 management companies of all shapes and sizes, we have unanimously selected Cooper Square Realty, Inc. to be the new managing agent for our building. Our choice was based upon the following criteria:

Cooper Square is a well-established management company with an impressive portfolio and experience with some of the city’s best condominiums, including two of the Lincoln Square condominiums located at 111 West 67th and 150 Columbus Avenue as well as the Lincoln Towers, nearby.

Cooper Square provides cutting edge/state-of-the art systems, including well-structured back-up support for the building’s operations.

Cooper Square offers innovative and comprehensive services that will be customized for our building, including financial/accounting software, as well as anti-corruption and anti-fraud protective mechanisms.

Cooper Square offers the stability of a larger company as well as the management structure advantages of a smaller company. Cooper Square’s staff will provide the personal time and attention we need to help us bring our building to top-line condition. At the same time, we will have access to company principals and a variety of in-house resources, including: training programs, special classes and seminars for building staff, and an innovative learning center.

Perhaps most important, Cooper Square’s experience and resources will enable us to rehabilitate our condominium. Cooper Square has a history of success in restoring mismanaged condominiums to healthy condition.

Finally, we were also able to negotiate a very competitive fee schedule with Cooper Square.

Cooper Square will be taking over the management of our building on July 1, and will be sending to you information on what to expect during the changeover. We will also update our website, www.45west67condo.blogspot.com, as often as possible with fresh news, so where ever you are in the world, information always remains a few clicks away from you. For more information about our new management company, you can visit Cooper Square’s website: www.coopersquare.com.

We are working hard to bring sorely needed change to our building. Our partnership with Cooper Square is a turning point but your support remains crucial. In order to continue to move things forward, we need to schedule the official 2004 and 2005 Annual Owners’ Meetings soon, but we still need a quorum. So if you haven’t yet done so, please be sure to pick up a blue 2004 proxy at the front desk and leave it in care of Diana Moore (31A) or contact one of us, and we shall send the proxy to you.

Best Regards,

Nancy Cherner (24C), Jared Danziger, Ron Giustino (24A), Raymond Joe, Altan Kolsal (9H), Barbara Marder (30A), Diana Moore (31A)

A Newsletter is on its Way to Owners

The text below is from a newsletter we will mail out to all unit owners this week.

Dear Unit Owners:

We would like to share with you the latest developments concerning the management of our building.

Our interviews of candidates for managing agent are ongoing. We have already met with several prospective agents, to date, and have appointments with four more. In the course of our research, other firms have already been eliminated as we work on narrowing the field. Prior to the interview, each candidate firm is asked to join us and the building staff for a walk-through. Reviewing our building's systems and observing its physical condition make the interviews more productive for all. We hope to have in place a new managing agent by June 30, 2005.

Since gathering the financial reins of the Condominium in mid-April, we discovered that as of March 31, 2005, accounts payable had ballooned to approximately $358,000. This is an increase of approximately $125,000 since November 30, 2004, the date of the last annual financial report.

We have also learned that most of the Condominium’s vendors inexplicably were not paid in March, 2005. We are now in the process of forming a financial committee to examine the Condominium’s financial options and determine the best course of action to lead the Condominium back to fiscal health. Please let us know promptly by e-mail, telephone or note if your background includes financial analysis of any kind and if you are interested in joining the committee.

It remains essential that we collect sufficient signed proxies for a quorum in order to schedule the 2004 Annual Owners Meeting in the near future. We still need your support if you have not yet given us a signed blue proxy. Clean copies will be given, upon request, by the staff at the front desk. Please pick-up a copy from the front desk and forward it to any one of us.

In the meantime, please continue to visit our web site (http://www.45west67condo.blogspot.com/) to get the latest news about the Condominium.


With Best Regards,

Nancy Cherner (24C), Jared Danziger, Ron Giustino (24A), Raymond Joe, Altan Kolsal (9H), Barbara Marder (30A), Diana Moore (31A)

Interviews Ongoing; But No Disclosure

Much has been going on in our building.

Our interviews of candidates for managing agent are ongoing. We have already met with several prospective agents, to date, and have appointments with four more. In the course of our research, other firms have already been eliminated so we are working on narrowing the field. Prior to the interview, each candidate firm is asked to join us and the building staff for a walk-through. Reviewing our building's systems and observing its physical condition make the interviews more productive for all.

On the financial front, we have still not received full disclosure from Rudd Management and Mr. Juneau, whose firm Schechter and Brucker, was dismissed by us two weeks ago. We are working to resolve this situation as soon as possible in order to move forward with the management of our Condominium.

It remains essential that we collect sufficient signed proxies for a quorum in order to schedule the 2004 Annual Owners Meeting in the near future. We still need your support if you have not yet given us a signed blue proxy. Clean copies will be given, upon request, by the staff at the front desk. Please pick-up a copy from the front desk and forward it to any one of us.

Best Regards,

Nancy Cherner (24C), Jared Danziger, Ron Giustino (24A), Raymond Joe, Altan Kolsal (9H), Diana Moore (31A)

Action-Plan on the Roll

We are still seeking an accurate letter of resignation from each member of the old Board. Without the letters, we can't proceed freely with the transition.

In the meantime, we have initiated our action-plan which was organized last summer:

We appointed four owners to vacant seats on the Committee, in accordance with Section 2.10 of the By-laws, to help us handle the immediate work that has to be done. They are Nancy Cherner, Jared Danziger, Raymond Joe, and Barbara Marder.

We are redefining our list of managing agents and invite you to personally recommend suitable firms. Interviews will begin next week to ensure a timely and reliable transition.

We started this web site where we will provide information about our building to you. You can bookmark this site and visit it often as it will compliment other means of communication.

We continue to need your help in turning a new page in our building. We must hold the 2004 Annual Owners’ Meeting very soon, and that depends on reaching a quorum. If you haven’t submitted one already, please pick-up a proxy from the front desk and forward it to any one of us. Your proxy or attendance to the 2004 Annual Owners’ Meeting is critical. The meeting date should be announced shortly.

With Best Regards,

Ron Giustino (24A), Altan Kolsal (9H), Diana Moore (31A)

A Note to Owners

We would like to share with you the latest developments concerning the management of our building.

The 2004 Annual Owners Meeting, scheduled for April 6, 2005, was only informal because there was no quorum. Turnout was relatively robust but not enough to surpass the 50% mark. At the meeting, Messrs. Silberfeld, Stein, and Roth submitted their resignations, and Mr. Rudd resigned as managing agent. Rudd Management, however, has a contractual obligation to remain on the job for a while longer. Their letters should be in the mail by now. No one knows anything about Mr. Weiss, also a member of the old Board.

The remaining members of the Board of Managers must reconvene the 2004 Annual Owners Meeting without delay. This is possible only if a majority of owners attend the next meeting either personally or by proxy.

We will pass along meeting details as they become available.

As usual, please do not hesitate to contact either one of us.

Sincerely,

The Board of Managers
Ron Giustino (24A), Altan Kolsal (9H), Diana Moore (31A)