Monday, May 16, 2005
PARK TOWERS NEWSLETTER 201 East 17th Street, New York City
PARK TOWERS NEWSLETTER 201 East 17th Street, New York City
Special Annual MeetingEdition, June 2005201 East 17th Street ("Park Towers") Cooperative Annual Meeting onThursday. 6/16/2005 - Notes by Wally Dobelis
Renovation. President Sam Haupt opened the meeting with the good news thatthe 100% brick replacement/ renovation will be completed inOctober-November 2005 (that's 2005, practically tomorrow).A discussion of future repairs indicated that, having cured the leaks onthe 17th Street plaza and the Local Law 11 façade replacement, we must nowthink of equivalent maintenance of the 18th Street plaza, of replacement of the main roof and any work indicated for the 3rd Avenue below- street- level plaza accessingthe doctors' offices. Scheduling will take place in accordance with theevaluation of needs and availability of funds.As to the latter, Fred Rothman, in his Treasurer's report, supplied thefinancials.
There are still projects that need addressing, and the recentrefinancing and increase of the mortgage, from a 7.5% to a 5.33% rate(principal due 2014) was key to paying for required work withoutassessments or maintenance increases (for details see Note 4. of theFinancial Statement). A prepayment by the garage tenant put us nearly outof the coop category (20-80 commercial income ratio) for a month. That hasbeen balanced out, legally, which accounts for the extra statement lines.
Bob Lepisko, in his June-to-June coop apartment sales report, indicated arise in values. The two 2BR apts sold averaged $700k, vs. last year's$634k (12 apts), and the four 1BRs averaged $426k vs. last year's $370k (15apts). Susan Steward observed that current listings show a 35% rise. Wow!Three Board vacancies were open, two incumbents returning (Steward, JackCalcagno) and the third, vacated by Rothman, being contested by MarkGoldman and Dr. Lewis Burrows. The incumbents and Mark Goldman wereelected.Some questions from the floor:No, sorry, the roof recreation area will not be reopened for sunbathingthis Summer, it is too dangerous.Window washer - we have no arrangement. Residents must solicit their own contractor for window washing, who is licensed and insured.Can we expand basement rental storage space? - the Board is investigating the possibility.Can we stop the 18 Street scaffold vibrations? - have patience, it isnearly overCan we remove unsightly remnants of building repairs? - ditto. Why not prepay the mortgage rather than increase it, since the balloonpayment is due in 10 years? - we refinanced at favorable fixed rate, the alternative would have been assessments or maintenance increases.Can we explain mysterious dirt on bathroom floor ?- bathroom and kitchen air vents should be vacuumed and cleaned on a regular basis.
At the conclusion of the meeting, the audience extended a vote of thanks tothe Board and Mr. Nikc and the building staff for work well done The Boardand the tenancy also offered their sincere condolences to Jack Calcagno,who was unable to attend due to the death of his father on the day of themeeting.
Board of Directors, June 2005:Jack CalcagnoMark GoldmanSamuel HauptRobert LepiskoSamuel Lewis (Goodstein)Kathy McLaughlinCarole PfeifferAlex RepolaSusan StewardBuilding ManagementCheryl CastellanoPeter NikcA copy of these minutes will be posted in the blog attached to websitewww.dobelis.net
Special Annual MeetingEdition, June 2005201 East 17th Street ("Park Towers") Cooperative Annual Meeting onThursday. 6/16/2005 - Notes by Wally Dobelis
Renovation. President Sam Haupt opened the meeting with the good news thatthe 100% brick replacement/ renovation will be completed inOctober-November 2005 (that's 2005, practically tomorrow).A discussion of future repairs indicated that, having cured the leaks onthe 17th Street plaza and the Local Law 11 façade replacement, we must nowthink of equivalent maintenance of the 18th Street plaza, of replacement of the main roof and any work indicated for the 3rd Avenue below- street- level plaza accessingthe doctors' offices. Scheduling will take place in accordance with theevaluation of needs and availability of funds.As to the latter, Fred Rothman, in his Treasurer's report, supplied thefinancials.
There are still projects that need addressing, and the recentrefinancing and increase of the mortgage, from a 7.5% to a 5.33% rate(principal due 2014) was key to paying for required work withoutassessments or maintenance increases (for details see Note 4. of theFinancial Statement). A prepayment by the garage tenant put us nearly outof the coop category (20-80 commercial income ratio) for a month. That hasbeen balanced out, legally, which accounts for the extra statement lines.
Bob Lepisko, in his June-to-June coop apartment sales report, indicated arise in values. The two 2BR apts sold averaged $700k, vs. last year's$634k (12 apts), and the four 1BRs averaged $426k vs. last year's $370k (15apts). Susan Steward observed that current listings show a 35% rise. Wow!Three Board vacancies were open, two incumbents returning (Steward, JackCalcagno) and the third, vacated by Rothman, being contested by MarkGoldman and Dr. Lewis Burrows. The incumbents and Mark Goldman wereelected.Some questions from the floor:No, sorry, the roof recreation area will not be reopened for sunbathingthis Summer, it is too dangerous.Window washer - we have no arrangement. Residents must solicit their own contractor for window washing, who is licensed and insured.Can we expand basement rental storage space? - the Board is investigating the possibility.Can we stop the 18 Street scaffold vibrations? - have patience, it isnearly overCan we remove unsightly remnants of building repairs? - ditto. Why not prepay the mortgage rather than increase it, since the balloonpayment is due in 10 years? - we refinanced at favorable fixed rate, the alternative would have been assessments or maintenance increases.Can we explain mysterious dirt on bathroom floor ?- bathroom and kitchen air vents should be vacuumed and cleaned on a regular basis.
At the conclusion of the meeting, the audience extended a vote of thanks tothe Board and Mr. Nikc and the building staff for work well done The Boardand the tenancy also offered their sincere condolences to Jack Calcagno,who was unable to attend due to the death of his father on the day of themeeting.
Board of Directors, June 2005:Jack CalcagnoMark GoldmanSamuel HauptRobert LepiskoSamuel Lewis (Goodstein)Kathy McLaughlinCarole PfeifferAlex RepolaSusan StewardBuilding ManagementCheryl CastellanoPeter NikcA copy of these minutes will be posted in the blog attached to websitewww.dobelis.net
# posted by Wally Dobelis @ 9:34 PM 
