2018 Annual Meeting of Shareholders, 27 June 2018

To: All Shareholders of Nagle Apartments Corp.
From: Justin Verret
Date: 15 May 2018
Re: 2018 Annual Meeting of Shareholders, 27 June 2018, 6pm

Enclosed you will find the Notice of Meeting for the Nagle Apartments Corp. 2018 Annual Meeting of Shareholders. Please fill out the proxy and mail it or fax it to my attention to ensure we have a quorum for the meeting. If you are going to attend the meeting, your proxy will not be used.

If you wish to run for the Board, please send a bio to my attention so it can be distributed to the shareholders before the meeting. I should be in receipt of this bio no later than Friday June 8th in order to have it distributed prior to the meeting. You can still nominate yourself at the meeting or prior, but if a bio is not received before June 8th, it will not be made available to shareholders until the day of the meeting. You are encouraged to include a picture or headshot. The bio can be emailed to and should be in Word format.

This year’s meeting will be held in the courtyard of the Nagle Apartments, New York, NY 10040. Food and refreshments will be served starting at 6pm. I look forward to seeing you all there. Please contact me if you have any questions.


Personal income tax return data for 2017

The following is a reproduction of a memo sent on 12 January 2018 to all shareholders by our co-op’s certified public accountants: Prisand, Mellina, Unterlack & Co., LLP. View/download the scanned memo (PDF, 26KB).

To: Shareholders of Nagle Apartments Corp.

Re: Personal income tax return data for 2017

Dear Shareholders:

Under the provisions of Section 216 of the Internal Revenue Code, a tenant stockholder of a Cooperative apartment is entitled to deduct from personal gross income a proportionate share of interest and real estate tax paid or incurred by the Cooperative Corporation. Note that these deductions are generally available if the taxpayer itemizes tax deductions.

For the year 2017 your per share individual income tax deductions are as follows:

Mortgage interest     $9.74 per share

Real estate tax     $22.81 per share

For the year 2017, if you were granted any real estate tax abatements, reflected in a maintenance credit or received by check, your real estate tax deduction as stated above should be reduced by the amount of the abatements you received.

In order to compute your total deductions for 2017, multiply the number of shares owned by you, as indicated on your stock certificate, by the amounts per share stated above. If you became a stockholder, or sold your stock in the Corporation during 2017, you are permitted to deduct a fractional part of the figures, based on the proportionate part of the year you owned the stock.

Contributed capital in 2017 was $18.98 per share for mortgage amortization and $8.00 per share for capital assessment. This is not a deduction, but an increase in the basis of your investment.

Should you have any questions regarding the application of the aforementioned information to your individual income tax returns, please consult your personal tax advisor.

Certified Public Accountants

Annual budget meeting 2017 – Update

The following is a reproduction of a memo dated 20 December 2017, distributed by management to all shareholders. View/download PDF of the scanned memo.

Dear Shareowners,

2017 yearly recap and look forward to 2018

2017 was a quieter year in terms of large projects after having done the building roofs, garage roof deck, and garage interior over the previous 4 years. In 2018 the focus will be on the lower courtyard and developing plans for a remodel of that space as well as looking into renewable energy sources, particularly Solar Power.

2018 budget and maintenance

In order to deal with anticipated increased costs in insurance, real estate taxes and other operating costs, the Board of Directors has voted to increase maintenance costs by 2.5%. Real Estate tax increases is the largest factor considered. The corporation fights the assessed value every year but it remains the single largest uncontrollable operating expense.

In addition, the current capital assessment will continue as 10% of the monthly maintenance. This makes the total increase of 2.75% total cost per shareholder for the year 2018.

The assessment continues our goal of 10% to meet federal banking regulations. Those regulations require us to maintain at least 10% of total maintenance as part of our reserve funds for capital expenditures. So as not to overly burden our shareholders, we have consciously kept our maintenance increases small and gradually built to this 10% goal over the last few years in order to meet these regulations. The 10% assessment is not temporary, it is an important part of permanent prudent financial planning for the coop and assists us in funding necessary capital projects such as the courtyard.

The Board of Directors, the staff and management wants to wish each of you a fantastic holiday season and a safe, healthy and prosperous 2018!

2017–2018 Board of Directors

The following is a reproduction of a notice posted on the co-op’s bulletin boards. View/download the notice (PDF, 40KB).

Below are the directors elected to the Board of Directors at the 2017 Annual Meeting to serve until the 2018 Annual Meeting.

Stephen Sameroff – President
Elisabeth Furtado – Vice President
Ryan Scott – Treasurer
Jeannine Jones – Secretary
Mathew Bizzarro
Babette Crain
Halima Henderson
Rachel Perkins
Walter Strafford

Oktoberfest 2017 … Save the date, Saturday 7 October

Hello NaBors,

Please save the date …

Saturday 7 October 2017, 3pm

The Board would like to invite you all to join us to celebrate so many new shareholders and welcome them to the community! Kicking off the Fall Season with a bang and a beer for Oktoberfest 2017!

We will provide brats, hot dogs, veggie kabobs and some German beer! We will also have water on hand. We hope you can make it and ask you to bring a side dish to share with everyone, and if you want to drink something other than beer, please bring that too!

There will be face painting for the kids, too!

In order to better plan, we ask that you either RSVP online at or contact a board member and let them know.

We ask that you let us know by 30 September.

Hope to see you all there!

Spectrum cable TV and Internet bulk rate plan

The following is a reproduction of a memo distributed on 17 August 2017 to all shareholders by Managing Agent Justin Verret. View/download the scanned memo (PDF, 155KB).

To: All Residents of Nagle Apartments
From: Justin Verret
Re: Spectrum Bulk Rate Plan

Please be advised that the building has entered into a bulk rate plan that provides cable and Internet to all apartments for $65 per month. This will be billed on your monthly maintenance bill starting in September. Every apartment can receive 1 HD cable box with Spectrum TV package, including Showtime, and one 100 Mbps modem as part of the monthly fee. You will only be charged directly by Spectrum if you have DVRs, other premium channels or channel lineups, phone, and Internet speed upgrades. Those prices are below.

Other premiums $15.00
DVR service (1 DVR) $11.99
DVR service (2–4 DVRs) $19.99
Phone (nationwide–domestic) $29.99
Internet speed upgrade to 300 Mbps $40.00

If you are a current customer with cable and Internet, you can use the same equipment. If you need a cable box or modem, please contact their help line, 1-844-528-3792, to get one, or visit the nearest Spectrum Store location at 2554 Broadway. If you are on direct debit with Spectrum, it is advised to check your account and remove yourself from direct billing until you decide on all the features and add-ons you would like. Current Spectrum customers will see credits on your recent bill for the pro-rated portion of August that is now covered by the bulk rate plan.

If you have any questions, contact Spectrum directly at 1-844-528-3792 to speak to a service representative. Contact me with any maintenance bill questions once you see the charges on the September bill.

Co-op Board meeting calendar, 2017–2018

The following meeting schedule was approved at the 14 August 2017 Co-op Board meeting.

Co-op Board meetings for 2017–2018 are typically scheduled on the second Monday of every month, from 7:30 to 9:30 p.m., in the community room in the basement of 37 Nagle Ave.

All shareholders are welcome to attend the regular Board meetings!

The Board meetings and other meetings for 2017–2018 have been scheduled as follows:

  • Monday 11 September 2017
  • Monday 23 October 2017 (fourth Monday)
  • Monday 13 November 2017
  • Special financial planning meeting (CLOSED) – Monday 11 December 2017
  • Monday 8 January 2018
  • Monday 12 February 2018
  • Monday 12 March 2018
  • Monday 9 April 2018
  • Monday 14 May 2018
  • Monday 11 June 2018
  • Annual shareholders meeting – Wednesday 27 June 2018, 6pm

All meetings are scheduled to begin at 7:30 pm unless otherwise noted and are subject to change.

Cook-out/potluck gathering, Saturday, 19 August 2017, 2–6pm


NaBors Cook-out/Potluck

This time it’s a cook-out/potluck gathering! We’ll have the grills ready to roll.

Meet your NaBors and share good food, conversation, music and merriment!

Date: Saturday, 19 August 2017, 2–6pm
Location: NaBors Lower Courtyard

Bring yourself, your loved ones, and

RSVP: [Click to reveal email address]

In your message, please let us know what you’re planning to bring.

CANCELLED – Cook-out/potluck gathering, Sunday, 23 July 2017, 2–6pm

NOTE: Due to lack of interest (only one person RSVPed), this gathering has been CANCELLED. We will try again in August. Save the date: Saturday, 19 August 2017, 2–6pm.

NaBors Cook-out/Potluck

This time it’s a cook-out/potluck gathering! We’ll have the grills ready to roll.

Meet your NaBors and share good food, conversation, music and merriment!

Date: Sunday, 23 July 2017, 2–6pm
Location: NaBors Lower Courtyard

Bring yourself, your loved ones, and

RSVP: [Click to reveal email address]

In your message, please let us know what you’re planning to bring.