Monthly Archives: May 2011

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