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Mid-Year Shareholders Meeting Summary

posted May 23, 2012, 9:54 PM by jon siragusa   [ updated May 24, 2012, 7:29 AM ]
During our mid-year shareholder’s meeting held this past Wednesday, the Board of Directors introduced our new property manager, Waihung Ma and Lynn Levine of LPE Engineering.

Jim Buchleitner introduced the building committee and discussed the upcoming exterior restoration planned for the front of the building. Jim detailed the many milestones made over the past 6 months starting with: the hiring of LPE Engineering. Probes performed to expose building deficiencies. Creation of repair plans. The bid process and finally the contractor selection process. Jim informed everyone that the contractor will be selected in the next few days.

Lynn Levine discussed in detail the work planned for each area of the front façade. The front parapets will be demolished and rebuilt. Deteriorated window lintels will be replaced. Cracked and worn mortar joints will be re-pointed and 15 decorative star bursts over certain windows will be casted and replaced. Lynn discussed the impact this will have on residents specifically relating to noise and dust. The time line for this project from start to finish is approximately 6 months.

Gregory Roth informed everyone that the project will likely cost between $650,000 and $800,000, including contingency. Gregory presented the building finance report and detailed plans to fund this project and refinance the mortgage on September 1, 2012. The new loan, a 10-year interest only mortgage that carries a rate of 4 percent, will be for $3.2 million, or $1 million more than the remaining balance on our current mortgage. Because of lower interest rates (the interest rate on our current loan is 5.68 percent), our annual debt service will be reduced by $54,252, saving the building more than $540K over the life of the new loan, despite the larger loan balance. By using some of the additional money to finance the project, the board does not expect to charge an assessment to pay for it. And since the Cooperative has over $520,000 currently in reserves, there is more than enough money to pay for this project until the new mortgage proceeds are available in September.

Richard Duarte discussed plans to convert the meeting room to a children’s playroom. The pipes along the wall and the column will be wrapped. Floor mats will be put down and a security camera installed. However, since this room will be used by the contractors as a staging area and changing room, this project will have to wait until the exterior restoration project is completed.

Michael Lapson informed shareholders that we are currently working on three building projects that will lower our operating expenses and make the building systems more efficient:

The first is the installation of a heat management system that will control heating by measuring inside apartment temperatures instead of outdoor temperatures. This way, if apartments are warm, the boiler will not turn on even if the outside temperatures fall below 55 degrees during the day or 40 degrees at night.

The second is to replace the public lighting inside and around the building with new energy efficient lighting. This new lighting is estimated to reduce our annual lighting costs by 50%.

And finally we plan to convert the boiler from oil to a dual fuel burning boiler which can be switched back and forth between oil and gas, using whichever fuel is less expensive.

Jon Siragusa thanked the garden committee and presented its plans for this year. Jon also asked anyone who is interested in joining to email the garden committee through the building’s website.

Jon reminded everyone that is up and running. Through this website, shareholders can access various building applications, past financial reports, committee information, current announcements as well as a new section listing apartments for sale and rent. The board encourages everyone to take a look.

Michael touched on the following building issues:

1. To update our security, we will be disabling old key fobs whose users cannot be traced. The aim is to reduce the number of unregistered key fobs in circulation, thereby enhancing safety and security. A notice will be distributed prior to this change and if your key fob access is shut off in error, please contact Chako immediately for a replacement.

2. A storage bin is available for rent at $300 per year. Please contact Chako if you are interested.

3. Additional bicycle storage is available on the South side. Please contact Chako for details.

4. As we get closer to the warmer weather, please remember that air conditioners must be secured with a bracket. If you require help with installation, please contact Chako.

5. Please be reminded that trash should be disposed of in the chute, except for kitty litter. Paper products should go on the shelf and bottles and cans should go in the recycle container. Anything that does not fit or is bulky should be brought downstairs to the basement.

6. Please be considerate of your neighbors. All apartments must be 80% carpeted with padding.
Shareholers can also take off their shoes when they get in and lower the volume on their tvs and stereos. Remember, quiet time begins at 11:00pm.

Finally, if you need to reach Chako, the best way to contact him is to call him on his cell phone at (646) 269-2705. The best way to reach Waihung is through email at Waihung.Ma@MAXXProperties.Com. If you do no have access to email, you may contact his assistant, Angela Marricco at (914) 899-8084.