Dear Subscribers,

Several subscribers to the NaBors Apartments mailing list have asked why the Apartments Available for Sale page hasn't been updated for a while.

Basically it's because, as the owner-occupancy rate has increased to 76%, there have been fewer and fewer apartments owned by investors or by the sponsor available for sale. In addition, happy owner-occupants in a successful co-op are less likely to want to leave and put their apartments up for sale.

The NaBors Apartments occupancy statistics as of today (6/17/02) are as follows:

84 apartments owner-occupied = 76% 17 apartments owned by the co-op = 15% 10 apartments owned by investors and/or sublet = 9%

The co-op just bought the 13 remaining sponsor-owned apartments, bringing our total owned by the co-op to 16%, and consequently those "occupied by shareholders" to 91%! (Financial institutions count co-op-owned apartments toward this magic number, which gives them a good indication of the health of a co-op.)

The board will continue to encourage investors and sublessors to sell their apartments to bona-fide tenant-shareholders. And the co-op itself will sell its 17 apartments--currently occupied by rent-stabilized tenants--to new shareholders as well, as they become vacant.

And as apartments come on the market, we will continue to send updates to this mailing list and list the apartments on our Apartments Available for Sale Web page: http://www.naborsapts.org/purchasers/apartments.html

So please be patient, and we hope to bring you good tidings in the near future.

Cheers!

Webmaster NaBors Apartments

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