Category Archives: Newsletter

NaBors News – March 2016

Repairs and maintenance

Shareholders often ask whose responsibility it is to repair and maintain things in their apartments. This is a reminder of how co-op versus shareholder responsibilities are broken down. For more information see our website, www.naborsapts.org; select “Repairs and maintenance” on the home page.

Basically, it boils down to the difference between inside and out. The shareholder is responsible for everything inside the apartment. This includes interior walls, floors, visible plumbing fixtures and gas lines, dripping faucets, running toilets, appliances, radiators etc. Although in the wall electrical wiring inside the apartment up to and including the breaker/fuse box is a shareholder responsibility.

The co-op is responsible for everything outside the apartment, including the common areas and building systems. Among these are heating equipment, water supply, plumbing lines within the walls, electrical risers up to but not including the breaker/fuse box in each apartment, etc. The shareholder is also responsible for any plumbing inside the walls that they have replaced as part of a renovation. This responsibility transfers from and to any new owner of the apartment.

If you need to have something repaired for which the co-op bears responsibility, please call the superintendent or place a written request in the communications box in the lobby of your building or under the super’s apartment door in 14 Bogardus Place. Renters/sublessees should contact their landlords for repairs inside their apartments.

Whom to contact

For general maintenance, repairs, etc. during working hours, contact our Super, Shahabudeen Hyatt, at +1 646 407-0018.

For complaints about neighbors, employees of the co-op or garage, to arrange alterations and renovations, etc., contact our Managing Agent, Justin Verret, Blue Woods Management Group, at +1 914 524-8600.

In case of emergencies:

An emergency is defined as an extreme condition that threatens the building or its residents. Please use common sense as to what constitutes an emergency.

Life-threatening emergencies: fire, smoke, medical emergency – 911 first, then call the Super.

Building emergencies: floods, gas odors, elevator breakdown with passenger inside, etc. – contact the Super, +1 646 407-0018; if he does not respond, call Blue Woods’ 24-hour emergency line, +1 914 524-8600 x9.

Laundry

Recently we have had a spate of personal property disappearing from the laundry rooms. In the 31–37 Nagle laundry room, only items in the “Give Away” area are available to be taken. Items elsewhere in the room are considered personal property and should be left in place. For security and safety reasons, we will be placing cameras in each of the laundry rooms shortly.

Please be vigilant about removing your laundry from the machines when it is done. If for some reason you cannot, it is acceptable behavior for another shareholder to carefully remove it. There is an app available which will tell you when your laundry is done—follow the instructions on the laundry vendor’s (Hercules) signs to set it up.

Please remember the laundry rooms are shared spaces; be considerate and neighborly when using these facilities.

Gym update

The gym is scheduled to be updated shortly. During the renovation it will be closed for approximately one week. There will be additional communications as information becomes available.

Roof project

As you know, the roof over the garage has been essentially inaccessible since it was repaired. We have been waiting for construction on the garage to finish (it’s done) before completing the space.

We hired landscape architects, Christian Duvernois Landscape (christianduvernois.com), to transform this space. Thanks to all of you who attended meetings (especially the Green Committee) and helped us with the design. View the plans for our wonderful new space on our website under “Latest news.”

An added bonus of selecting this company is that there is the potential in the future for a grant to renovate the lower area; we’ll keep you posted on this.

Christian Duvernois will start construction mid-late April, with a planned completion date prior to Memorial Day weekend. We hope to have a celebratory party to inaugurate it.

—Board of Directors

NaBors News – April 2013

[ Original PDF version ]

Garage Roof and Interior

The Board, Management and Rand Engineering are preparing repair estimates for the work on repairing the garage roof and interior.

The garage operation provides income to the shareholders that subsidizes shareholder’s annual cash needs. Last year, the garage provided $167,171 in income that helped keep our maintenance charges low. If we did not have the garage rental income, maintenance would have to be raised $1.20 per share per month to cover the lost funds, all other things being equal (or $162 per month on a mid-floor 2-bedroom unit).

The current lease on the garage operator ends 12/31/2013. Since closing the garage for part of the year is likely to facilitate repairs, January 1st 2014 is the best time to start making repairs and improvements.

The repairs on the garage are going to be expensive and could come close to $2 million. For the sake of comparison, our current mortgage balance is approximately $18 million as of March 31, 2013. Or put another way, the total cost per share comes to $173.25 or nearly $24,000 on a mid-floor 2-bedroom unit.

Water damage only gets worse with rime. Delaying the work will only make it more expensive and makes our garage less competitive when compared to other garages m the area. The Board is contemplating a comprehensive and quality repair project that fixes a number of defects from previous repair work (and a stop work order from those earlier repairs) which have prevented us in participating in various retail estate tax credits NYC offers (for example the J-51 credit).

The Board will begin reviewing financing options in the near future. Lending standards have increased since the financial crisis in 2008. The Board may have to choose a variety of funding options (loans and assessments) and financial adjustments (adjustments to Maintenance charges) to obtain the necessary funds for this large and important project.

Co-op Abatement and STAR Credit

New York State passed late laws extending the Co-op Abatement credit and the STAR credits. Management did not receive from NYC the lists of eligible shareholders until March 2013.

Therefore, beginning with the April bills, the STAR credit will be reflected for three months (April, May and June) and will double in size reflecting the shorter payout period (it is usually January through June). If you do not receive the credit, you need to apply for the STAR credit on your own through the NYC.gov website.

The Co-op Abatements will not be paid out until June at the earliest. NYC began checking taxpayer tax returns to verify if the shareholder can report that their co-op address is their primary address and has contacted those shareholders directly. In order to receive the Co­-op Abatement it is important to have your income tax returns reflect your Nagle or Bogardus street address. NYC will inform management of the final list and amounts, and then Management will distribute the funds.

Countdown to Mortgage Payoff!

Our current mortgage with NCB gets paid off on May 1, 2023. That is just over 10 years and 122 payments away. The mortgage has provisions making it too expensive to refinance. The int. rate is 6.27% and we currently pay $19,767 per month (20% of monthly income).

Baby Boom Coming!

Wait for it! A baby boom is coming. The writer of this newsletter knows of seven babies due in the near future. Two sets of twins in 31 Nagle and three single babies due in Bogardus. Watch for storks!

What is this assessment on my monthly bill?

In December 2011, the Board decided to enact an assessment of 2.5% of maintenance each month to help fund necessary capital repairs and improvements. In December 2012, the Board voted to increase this to 5%. Capital repairs and improvement are special projects that extend the life, safety and habitability of the buildings and are not funded through the monthly maintenance charge (which is used more for cleaning, operations, taxes, staff and the like). In 2012, the assessment of 2.5% of maintenance brought in a total of $21,277 of funds. The expectation for 2013 is $42,450.

In the past, the co-op relied on the sale of former rental units to fund necessary capital repairs. In a sense, the shareholders were spoiled with improvements to the building for which they did not have to contribute funds. Sadly, this happy situation is ending. After the sale of the last remaining open unit, only 5 more units remain and they are filled with our renter neighbors. The assessment is a reflection of the fact that as owners, we need to contribute funds to the capital repairs and improvements that keep our unit values competitive, our building safe, in repair and a great place to live.

Recent Sales

Address Sale Price Bedrooms Sale Date
31 Nagle Avenue, 2K $305,000 2 6/28/2012
14 Bogardus Place, 3U $245,000 1 10/18/2012
14 Bogardus Place, 6W $272,000 1 10/22/2012
37 Nagle Avenue, 6D $235,000 1 12/19/2012
31 Nagle Avenue, 6M $242,500 1 12/19/2012
37 Nagle Avenue, 4F $240,000 1 1/15/2013
37 Nagle Avenue, 6F $272,000 1 1/10/2013
37 Nagle Avenue, 5E $350,000 2 2/27/2013

Dates to Remember

  • April Board Meeting, April 22, Board Room, 37 Nagle, 7:30pm
  • May Board Meeting, May 27, Board Room, 37 Nagle, 7:30pm
  • June Board Meeting, June 10, Board Room, 37 Nagle, 7:30pm
  • Annual Meeting (tentative date), June 26, 6pm dinner, 7pm meeting

Webmaster Retirement

The Board wants to thank Eduardo Gomez for his service to the co-op by serving as our webmaster for nearly 10 years. Our Board President stated that he has had many a compliment about the co-op’s website (www.naborsapts.org) over the years. Eduardo, thank you for dedicating your time and passion to our community!

NaBors News – May 2011

[PDF version]

Major Project Update – Building Roofs

The Board is nearing completion of the work necessary to begin repairing the residential building roofs (not the garage roof). This is a major project that will likely be funded without an assessment (an approximate $70 per share value).

All building components have useful lives and our building roofs are at the point where complete replacement is necessary. The Board is envisioning performing the work in such a way as to achieve a 20 year warranty.

Additional work will involve brick and mortar work on the elevator rooms & chimneys; re-insulating the area between the sixth floor and the roof (known as the cockloft), repairing skylights; replacing roof access doors (to comply with NYC Building code); replacing the cockloft vents to prevent water penetration and other water proofing issues.

The job specifications have been prepared by an engineering firm (Rand) and been reviewed by an independent architect for completeness. The job is expected to take up to 16 weeks once a contractor is selected and a contract is signed.

The Board has just finished interviewing contractors and hopes to make a selection within two weeks. Once the contract is signed, further communications will be given. The Board is making every effort to protect the safety of residents and to minimize inconvenience however this project will have some disruptions that cannot be avoided. Access to you unit may be necessary (sixth floor units especially).

Some precautions to begin thinking about for sixth floor residents: removing mirrors from walls where vibrations may loosen the hangers supporting them; removing and protecting artwork & valuables from possible water or spill / dropping damage (again, due to vibrations or water leaks). It is also likely that portions of the courtyard & play ground may be closed while areas above it are being repaired. The contractor will also be providing sidewalk bridging and protection for landscaped areas.

Proprietary Lease Voting Begins

As announced at the last annual meeting, the Board is ready to proceed with the vote on certain amendments to the Proprietary Lease.

Changing the Proprietary Lease is a serious matter and when the materials are received, the Board suggests that shareholders consider the changes carefully. The threshold for acceptance is high. At least 75% of all shares issued must vote for a change for it to be accepted on all existing and future leases. The Board acknowledges the high threshold and is putting forth amendments necessary to the continued operation of the corporation.

The general topics are:

  • Providing for the definition of “spouse”
  • Providing for the ability to charge “use charges” for charges already in place
  • Better define the requirements for shareholders to maintain “insurance”
  • Better define those relatives of shareholders who can occupy the unit without incurring sublet provisions/fees
  • Updating late fee and late interest provisions
  • Provide for additional enforcement for house rules by the use of predefined “fines”
  • Instituting a “Capital Fund Replenishment Fee”, also known as “transfer tax” or “flip tax” of 1%
  • Changes to Director liability exposure

Please look for your voting materials and instructions in the near future.

Water Usage

The corporation has been able to change the way we are billed for water usage. Previously, we were billed on a flat rate. We are now being billed for usage.

Please make sure that all leaks are repaired promptly as the potential for savings is great. If you are unable to repair leaks yourself, please contact either building management or staff to assist (a nominal fee may apply for repairs for which the shareholder, not the building, is responsible).

Communications help needed

Okay, we admit it. The Board could do a better job of communicating. One of our thoughts is this newsletter however with everything else that is going on, we could use some help putting it together each month. We are looking for a dedicated individual to attend the public portion of the Board Meeting every month and then to work with the Board on selecting which topics to include in the newsletter. If you are interested, please e-mail stephenvernon[at]yahoo.com.

Dates to Remember

May Board Meeting May 18, 7:30 pm
Board Room, 37 Nagle
June Board Meeting June 15, 7:30 pm
Board Room, 37 Nagle
Annual Meeting (tentative date) June 29 6pm dinner,
7pm meeting