Last updated: 22 March 2009.
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.
5701 Arlington Avenue
Riverdale, NY 10471
Tel: 718-549-7036
Fax: 718-549-7076
EM: manager[at]naborsapts.org
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
EM: transfer.agent[at]naborsapts.org
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 12/31/08) |
14 Bogardus | 31 Nagle | 37 Nagle | Total | % |
| Owner-occupied | 32 | 30 | 31 | 93 | 83.8% |
| Co-op-owned | 6 | 2 | 3 | 11 | 9.9% |
| Investor/Sublet | 4 | 1 | 2 | 7 | 6.3% |
| Sponsor-owned | 0 | 0 | 0 | 0 | 0.0% |
| Total | 42 | 33 | 36 | 111 | 100% |
Mortgage (established 4/16/03):
Amount: $2,700,000. Term: 20 years.
Interest rate: 6.27% per annum
Monthly payment: $19,766 (includes interest and reduction of principal)
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 11/26/07):
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: $11,847
Payable to: Amalgamated Bank
Note: Payment of the loan is out of capital funds.
Revolving Line of Credit:
Credit limit: $250,000
Balance: $0 (as of 12/31/08)
Interest rate: 2% over the NCB Base Rate Index
Payable to: National Cooperative Bank
Maturation date: 1 May 2023
Reserve Funds: Approximately $650,000 (as of 12/31/08). One pending sale of a co-op-owned unit is in contract for $276,000, the proceeds of which will be added to the reserve funds.
Maximum Financing Allowed:
New purchase: 90% of purchase price
Refinancing: 80% of appraised value
Flip Tax: None.
Resale Application Fees: $300 payable to management company; $75 payable to Nagle Apartments Corp.
Refinancing Fees: $250 payable to management company; $75 payable to Nagle Apartments Corp.
Credit Check Fee: $75
Tax deductibility (2008 tax year):
Mortgage Interest = $14.6871 per share
Real Estate Tax = $13.8665 per share
Thus, approximately 41% of 2008 maintenance charges is tax deductible.
Maintenance: $6.05 per share per month (effective 1 January 2009).
Late Fee: $0.75 per share if payment is not received within the grace period (by the 16th day of the month). An additional late fee of $1 per share is charged if the account is still past due on the last day of the month.
Electricity included in maintenance? 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? The monthly maintenance fee does not include cooking gas. Cooking gas is paid separately by each shareholder.
Current Assessments: None.
Subleasing: Permitted for a cumulative maximum of 2 years out of every 6-year period. For more information, see the Sublet Policy.
Subleasing Fee: $25 per share per year, prorated for subleases that are shorter than one year in length. 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 $10 per month per household, 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. The space is rented to an independent garage operator. Residents get a 10% discount off the monthly rates.
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 permitted only through the co-op’s window vendor. Contact 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.
