Fact Sheet

Last updated: 30 January 2017

NOTE: This fact sheet is for information purposes only and does not constitute a representation, warranty or estoppel on the part of Nagle Apartments Corp. or any of its officers or agents. This information is subject to change.

Building type: Cooperative

Corporation name: Nagle Apartments Corp.

Building address: Three buildings:
(1) 31 Nagle Avenue, New York, NY 10040
(2) 37 Nagle Avenue, New York, NY 10040
(3) 14 Bogardus Place, New York, NY 10040

Property manager: Justin Verret
Blue Woods Management Group, Inc.
42 River Street, 2nd Floor
Sleepy Hollow, NY 10591
Tel: 914-524-8600
Fax: 914-524-9100
Email:

Transfer agent: Arlene Marin
(for all sublet, refinance, resale questions and packages)
Blue Woods Management Group, Inc.
307 Seventh Avenue
Suite 603
New York, NY 10001
Tel: 212-645-7333
Email:

Date built: 1952/1959

Co-op conversion date: 1982

Expiration date of proprietary lease: 30 September 2080

Is there a ground lease? No.

Number of storeys: Each building has 6 storeys.

Total number of units: 111

Unit breakdown
(as of 01/30/2017)
14 Bogardus 31 Nagle 37 Nagle Total %
Owner-occupied 37 33 33 103 92.8%
Co-op-owned 2 0 1 3 2.7%
Investor/sublet 3 0 2 5 4.5%
Sponsor-owned 0 0 0 0 0.0%
Total 42 33 36 111 100%

Mortgage (established 04/16/2003):
Amount: $2,700,000. Term: 20 years.
Interest rate: 6.27% per annum
Monthly payment: $19,766 (includes interest and reduction of principal)
Balance (as of 12/31/2016): $1,251,000
Payable to: National Cooperative Bank (NCB)
Maturation date: 1 May 2023
Note: This is a self-liquidating mortgage on a 20-year amortization schedule. The mortgage will be completely paid off on the maturation date of 1 May 2023.

Windows replacement project loan (established 11/26/2007):
Amount: $1,150,000. Term: 10 years.
Interest rate: Tranche A ($565,000), 1% per annum (NYSERDA);
Tranche B ($585,000), 7.5% per annum.
Monthly payment: $4,950
Balance (as of 12/31/2016): A = $59,141; B = $0 (paid off Nov 2015)
Payable to: Amalgamated Bank
Note: Payment of the loan is out of capital funds.

Revolving line of credit (established 04/16/2003; credit limit increased in 2014):
Credit limit: $1,500,000
Interest rate: 375 basis points over the NCB Base Rate Index LIBOR
Balance: $1,350,000 (as of 12/31/2016)
Payable to: National Cooperative Bank
Maturation date: 1 May 2023

Reserve funds: Approximately $300,000 (as of 12/31/2016).

Maximum financing allowed:
New purchase: 90% of purchase price
Refinancing: 80% of appraised value

Flip tax: None.

Resale application fee: $500 payable to management company

Refinancing fees: $250 payable to management company; $150 payable to Nagle Apartments Corp.

Credit check fee: $75

Tax deductibility (2016 tax year):
Mortgage interest = $10.2220 per share
Real estate tax = $21.2860 per share
Thus, approximately 39.7 percent of 2016 maintenance charges is tax-deductible.

Maintenance: $6.7446 per share per month, effective 1 January 2017.

Late fee: 1.24% of total balance owed if payment is not received within the grace period (by the 16th day of the month).

Electricity included in maintenance? No, the monthly maintenance fee does not include electricity. Electricity usage is added to the maintenance bill as a separate charge.

Cooking gas included in maintenance? No, the monthly maintenance fee does not include cooking gas. Cooking gas is paid separately by each shareholder.

Current assessments: Reserve fund contribution of $0.67446 per share per month, effective 1 January through 31 December 2017.

Subleasing: New sublets are permitted for a cumulative maximum of two years out of every six-year period. For more information, see the Sublet Policy.

Subleasing fee: $15 per share for the first year, then $25 per share for the second year. For more information, see the Sublet Policy.

Access to the Board minutes? Yes. Contact the managing agent.

Open houses permitted? Open houses are permitted only with the prior consent of the Board of Directors, via the managing agent.

Doorman? No.

Fitness room: Available to shareholders only. Monthly fee is $15 per month per household (effective 1 January 2016), included in the maintenance bill.

Storage lockers: Lockers rented at $35 per month, included in the maintenance bill. Available to shareholders only via a waiting list, on a first-come, first-served basis. (All lockers are currently rented.)

Bicycle storage: Spaces available for rent at $5 per month, included in the maintenance bill. Available to shareholders only, on a first-come, first-served basis.

Garage: Available at street level in 31 Nagle Avenue. The space is rented to an independent garage operator. Residents pay a reduced rate of $200 per month (regular rate is $290), included on their maintenance bill.

Washer/dryer permitted in apartment? No, they are not permitted. There are convenient laundry facilities in the basements of the buildings.

Wall-thru A/C permitted? No. Only Board-approved air conditioners are permitted. Shareholder/resident installation of A/C units IS NOT PERMITTED as it will void the warranty on the new windows. Installation must be done by approved licensed A/C installer. Contact the managing agent for details. Shareholders who void the warranty on their windows will be charged for the replacement of the windows. Read more.

Allow pets? Yes. Pets are permitted only if they do not create a nuisance. Dogs must be licensed by the New York City Department of Health. Cats must be spayed or neutered and must have received all customary immunizations. Read more.

Move-in fee: $250 fee to help defray costs of extra cleanup work on the part of the superintendent and porter, plus a $250 refundable deposit in case of damage.

Move-out fee: $250 fee to help defray costs of extra cleanup work on the part of the superintendent and porter, plus a $250 refundable deposit in case of damage.