No Strike

NY1 reports today the good news:

"New Yorkers in 3,500 buildings will say a happy hello to their doorman this morning. After lengthy negotiations, Local 32BJ of the Service Employees International Union and representatives of the city's building owners reached a contract agreement shortly before 1 a.m. Friday, avoiding a strike that would have put the union's 28,000 workers on the picket line."

We thank everyone who had volunteered to work in the lobby.

Volunteers Needed

We remain hopeful that a citywide strike of building employees will not take place tomorrow. In any event, although we are prepared to deal with a strike and the emergency procedures are published, we still need your help.

There are sign-in sheets in the lobby for those who can work in the lobby in short shifts during late afternoon and evening hours. Those with experience in past strikes believe that it helps to have a friendly face at the door.

Annual Owners Meeting

We are planning on holding the annual owners meeting on 15 May 2006. Details will follow, but please mark your calenders as there is much to share with you.

Emergency Procedures in the Event of a Strike

Cooper Square distributed by hand yesterday emergency procedures in the event that the building staff, with the exception of the Resident Superintendent, joins a city-wide strike, called by the Building Service Employees Union, at 12:01 am on Friday, 21 April 2006.

Attached to the emergency plan is a form that is required by Cooper Square so it can provide building identification passes. The completed form should be returned to the Concierge Desk or by other means to Cooper Square as soon as possible.

The plan and form should be appearing on the community web site shortly.

New Resident Superintendent

After many months of interviews conducted by the Board of Managers, its Superintendent Committee, and by our managing agent, Cooper Square, the Board has voted to re-hire Mr. Albert Sultana as Resident Superintendent of our building. A letter was delivered by hand to each unit yesterday. The same should be appearing on the community web site shortly.

Emergency Procedures in Case of a Strike

The Board and Cooper Square are now finalizing plans in case a citywide strike is called and building employees walk out of the job on 21 April 2006, Friday at 12:01am. A notice outlining rules and procedures to take effect in our building once the strike begins will be arriving in your mailboxes shortly. We recommend you also check the community web site for further details.

Notices from Cooper Square about a Citywide Strike of Building Employees

Keith Werny, of Cooper Square, sent to owners, via mail, the following notice:

As many of you are aware, the current agreement with Local 32B-32J, SEIU, which covers handymen, doormen and porters servicing your building, will expire at midnight on Thursday, April 20, 2006. History has shown that a strike by building employees could take place upon the expiration of this agreement, and we want you to know in advance what this means to you.

In the event of a strike, normal building operations will be significantly curtailed;

• Access to the building will only be via the main entrance and residents will be required to present a special identification card, which we will issue prior to the strike deadline.
• The service entrance will be closed down/locked during the strike. As a result, there will be no moves in or out or large deliveries. In addition, contractors and/or vendors will not be admitted to the building.
• Residents may be required to accept deliveries (i.e. food, messengers, overnight parcels, etc.) in the lobby or at the building’s entrance.
• Compactor rooms will be closed and residents will be responsible for removing their own trash to designated areas during the strike.

We will be providing updates and further detailed information as the April 20th deadline approaches. If you have any questions or comments regarding this matter please do not hesitate to contact me at 212 634-8913.

Building Employees Contract

The current citywide agreement with Local 32B-32J, SEIU, which covers handymen, doormen and porters servicing our building, will expire at midnight on Thursday, April 20, 2006. A strike, if it occurs, will significantly curtail normal building operations, affecting access, deliveries, moving, construction, and trash removal. Cooper Square will be sending a notice to owners about this matter this week.

Newsletter on its Way

A newsletter was drafted on March 13 and mailed to owners. We can't post it here, but the newsletter will appear soon on the community web site.

Laundry Room

A refurbished laundry room will open for business tomorrow. Please do go down to the laundry room on opening day to meet representives from Hercules who will distribute $5.00 smart cards and Welcome Bags between 9:00am and 12:00pm and again between 5:00pm and 7:00pm.

Yvette Diaz on Leave

Yvette Diaz will be out on maternity leave effective today, March 1.

In the interim, Stoney Welsh will be helping Keith Werny in day-to-day operations of our building. Mr. Welsh can be reached at 212 634 8945. His email is stoney.welsh@coopersquare.com.

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.

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.

No Water

A notice was delivered to all residents about the installation of a water meter in the basement requiring shutting down water service throughout the building tomorrow, February 16, 2006, between the hours of 9:00am and 5:00pm.

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.

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:

• 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.

Considering the foregoing, the Board has approved a 14.5% increase in common charges, effective March of 2006, to bring income and expenses in line. This increase is calculated to bring the building to a break-even status on its expected operating expenses only, not to pay off previous unpaid bills, undertake needed repairs, or build a reserve fund. The last time an increase in common charges was implemented by the old Board was in December 2003 (by 12%).

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

New Web Site Now On-line

Arriving in your mailboxes this week are cards announcing how to register to use a new web site, managed by Cooper Square, to help you access building information. It is a beta site so please let us and Yvette Diaz know what you think. You can log on to register by going to http://www.coopersquareconnect.com/register.
The web site itself is at http://www.coopersquareconnect.com/45w67thst/

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.