Thursday, February 23, 2006
Water Meter Installation
As announced earlier, the water meter installation will take place today, February 23, 2006, at 10:30pm and last until 5:30am Friday morning. Water service will be shut down, but the water tank should serve the building until tomorrow morning. However, please ensure that all faucets are turned-off.
Thursday, February 16, 2006
Water Meter Installation Postponed
In response to our neighbor ABC's request, the water meter installation will take place next Thursday, February 23, 2006, at 10:30pm and last until 5:30am Friday morning. Water service may not have to be shut down at that time; nevertheless, Cooper Square will update us next week.
Wednesday, February 15, 2006
Monday, February 13, 2006
Upgrades in Laundry Room
We are happy to announce that Hercules, the new vendor selected to manage the laundry room, will open the laundry room for business on Thursday, March 2, 2006. But before it can do so, Hercules will refurbish the laundry room and its systems, and install new equipment. The work requires that the room closes on Monday, February 27, 2006 until the opening date.
Representatives from Hercules will be available in the Laundry Room on Thursday, March 2, 2006 between the hours of 9:00am and 12:00pm and again between 5:00pm and 7:00pm to demonstrate the use of the new Smart Card System and answer questions. They will also distribute Welcome Bags and complimentary $5.00 Smart Cards for each apartment.
Gracie Cleaners, with a counter located behind the lobby, has offered to residents of the building a 20% discount on their “Wash, Dry and Fold” service during the three days the laundry room will be closed.
We hope the interruption will cause little inconvenience and thank you for your patience.
Representatives from Hercules will be available in the Laundry Room on Thursday, March 2, 2006 between the hours of 9:00am and 12:00pm and again between 5:00pm and 7:00pm to demonstrate the use of the new Smart Card System and answer questions. They will also distribute Welcome Bags and complimentary $5.00 Smart Cards for each apartment.
Gracie Cleaners, with a counter located behind the lobby, has offered to residents of the building a 20% discount on their “Wash, Dry and Fold” service during the three days the laundry room will be closed.
We hope the interruption will cause little inconvenience and thank you for your patience.
Wednesday, February 08, 2006
Financial Matters
A newsletter about financial matters was mailed yesterday to all owners.
February 6, 2006
Dear Owners:
This letter is to apprise you of the Board’s decision to increase the Condominium’s monthly common charges and the possibility of assessments. The principal reasons for the increase and assessments include the deficit the current Board inherited from the previous Board, higher energy costs, and the need to maintain the building’s conditions and level of service in line with that of its neighborhood peers and its reputation.
The three areas upon which the Board has focused its attention are: 1) operational accounts, 2) accounts payable; and 3) capital projects.
1) Operational Accounts: Our primary goal is to bring expenses in line with revenue by the end of 2006. In accordance with condominium by-laws, the Board, Cooper Square, and the building’s accountant have prepared an annual budget while seeking both expense control and income generation. Some of the steps we are taking to generate income are:
2) Accounts Payable: As we have previously advised you, we had discovered unpaid bills, dating back to 2003, amounting to about $407,000 that we inherited from the old Board. Our accountant and the current Board have reviewed and verified these numbers along with Cooper Square.
Together with Cooper Square we have assessed the “legitimacy” of these bills, prioritized them, and have arranged payment plans or discounts to mitigate the burden. However, payments against these back bills are limited by the condominium’s monthly cash flow and the building, therefore, still runs the risk of liens and lawsuits from unpaid vendors. The Board feels it is prudent to pay verifiable bills related to the building’s operations as soon as possible. We are currently looking at alternatives to help spread the financial impact over time to the owners. We are seriously considering an assessment to cover these bills.
3) Capital Projects: Our building is over 20 years old and many of its systems and structures require repair or replacement. We have already conducted a water leak survey and hired an engineer to perform a structural analysis of the work required to ensure compliance with the new City Law #11.
The engineer will also evaluate the general state of the building and advise us of any necessary repairs. The Board will do its best to carefully prioritize repairs and match capital expenses to any assessments needed to fund them (rather than building a general reserve fund). Thus any assessment for capital projects will likely be spread over time as repairs are undertaken.
As always, we welcome your comments and suggestions on these matters. If you wish to reach us, leave a note for us at the front desk or visit the condo’s web site at www.45west67condo.blog.com.
With Best Regards,
The Residential Condominium Committee
February 6, 2006
Dear Owners:
This letter is to apprise you of the Board’s decision to increase the Condominium’s monthly common charges and the possibility of assessments. The principal reasons for the increase and assessments include the deficit the current Board inherited from the previous Board, higher energy costs, and the need to maintain the building’s conditions and level of service in line with that of its neighborhood peers and its reputation.
The three areas upon which the Board has focused its attention are: 1) operational accounts, 2) accounts payable; and 3) capital projects.
1) Operational Accounts: Our primary goal is to bring expenses in line with revenue by the end of 2006. In accordance with condominium by-laws, the Board, Cooper Square, and the building’s accountant have prepared an annual budget while seeking both expense control and income generation. Some of the steps we are taking to generate income are:
- Increase Laundry Room Income: Through a competitive bid process, we selected a new vendor to operate the laundry room. The vendor will renovate the laundry room at its expense and install new equipment. Under the new contract, laundry room revenue will more than double with no increase in the cost of laundry passed on to owners or residents.
- Lease of Valet Space: We have agreed to lease this space to a reputable commercial dry-cleaning service. The service has also agreed to accept responsibility for cleaning of staff uniforms, which will eliminate an expense item. The rates to be charged by the service are commensurate with those of local dry-cleaners.
- Collection of Arrears: We have retained an attorney to send collection notices to owners in arrears. Cooper Square is working with the attorney to collect any outstanding arrears due. Currently, the condominium is owed approximately $50,000 in common charges by owners in arrears. The Condominium’s attorney has instructions to pursue liens against those units in arrears when appropriate.
- Initiation of Moving Fees: A $350 move in/out fee will be charged as of February 1st, 2006. This fee is designed to fairly compensate the building for the burden placed on staff as well as wear and tear on the building’s common areas.
Some of the steps we are taking to control expenses are:
- Limiting Use of Staff Overtime Pay: Salaries are a substantial portion of monthly expenses, and open communications and better management should prevent unreasonable over-time costs.
- Installation of a Water Meter: This will substantially reduce the city water bill.
- General Reduction of Equipment Repair, Maintenance, and Supplies: For example, after receiving competitive bids, the Board selected a new elevator maintenance contract which alone, has reduced monthly elevator maintenance costs by 60%. In addition, Cooper Square secured a discount on Hess heating oil whereby the condominium pays the lowest available price in New York City. Nevertheless, oil prices are fluctuating at historic highs. As a result, we have budgeted a significant increase in the cost of oil to accommodate market realities and for higher electricity costs.
2) Accounts Payable: As we have previously advised you, we had discovered unpaid bills, dating back to 2003, amounting to about $407,000 that we inherited from the old Board. Our accountant and the current Board have reviewed and verified these numbers along with Cooper Square.
Together with Cooper Square we have assessed the “legitimacy” of these bills, prioritized them, and have arranged payment plans or discounts to mitigate the burden. However, payments against these back bills are limited by the condominium’s monthly cash flow and the building, therefore, still runs the risk of liens and lawsuits from unpaid vendors. The Board feels it is prudent to pay verifiable bills related to the building’s operations as soon as possible. We are currently looking at alternatives to help spread the financial impact over time to the owners. We are seriously considering an assessment to cover these bills.
3) Capital Projects: Our building is over 20 years old and many of its systems and structures require repair or replacement. We have already conducted a water leak survey and hired an engineer to perform a structural analysis of the work required to ensure compliance with the new City Law #11.
The engineer will also evaluate the general state of the building and advise us of any necessary repairs. The Board will do its best to carefully prioritize repairs and match capital expenses to any assessments needed to fund them (rather than building a general reserve fund). Thus any assessment for capital projects will likely be spread over time as repairs are undertaken.
As always, we welcome your comments and suggestions on these matters. If you wish to reach us, leave a note for us at the front desk or visit the condo’s web site at www.45west67condo.blog.com.
With Best Regards,
The Residential Condominium Committee
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