Tell us what’s on your mind? 
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The annual Tax Abatement credit (posted every June ) is applicable to ONLY shareholder occupied apartments. Investors and sublets are not supposed to receive that credit. It is the management office that provides the RESIDENT SHAREHOLDER information to the NYC Dept of Finance [DoF] who actually authorizes the Tax Abatement amounts. The amount you get can vary depending upon the amount of other credits you receive (such as Basic and Enhanced STAR, Combat and Disabled Veterans, Senior Citizen, and Disability that the resident applied for directly to the DoF).
All credits are given to you as a subtraction from the Property Tax that the co-op would otherwise pay to the city.
In year 2019 our Property Taxes were based upon approximately $31,700,000.00. From the tax that was assessed by NYC DoF – DoF authorized the management office to take approximately $2,549,000.00 of the taxes owed to NYC and distribute it (as credits on your June bill) to each shareholder apartment.
You can see that DoF Report at
Lastly, you can view the NYC Dept of Finance Guide to Residential Exemptions and Abatement link on the CONTACTS page of this website.
One Voice
Not to minimize all the other good financials comments and concerns but out of curiosity has anyone been hit with maintenance late fees? I’ve spoken to a few people that mailed in the maintenance early and their checks did not clear until after the 10th of the month. Or worse their check has been applied to other accounts and can’t be found. Seems very suspicious, a $40 late fee per apt can certainly add up.
Once a year, part of each apartment’s tax abatement went towards the capital assessment to pay for needed capital improvements. The rest was used in that same month to lower your maintenance. It’s also been years since we’ve had to pay a monthly assessment like they’ve been doing at Park City Estates. That’s because we did have very good financial standing. And that’s your answer.
“You could say many bad things about Chandra’s management, but he kept the building in very good financial standing”
Then why were we paying capital assessments?
In previous years, a notice would be going out around this time for candidates to submit their names by the end of March for the upcoming May election. Do we have a slate of candidates ready to run against the present Board? Maybe we should be meeting in the 62nd Street Playground just like the present Board members did last year to begin our campaign. Otherwise, I fear for the future of our complex and our investment.
WHEN WILL THE NEXT ELECTION BE HELD???? Answer below:
Go to this website DOCUMENTS tab and click on Corporation By Laws.
Page 1, Article 1 – Meeting of Shareholders
Section 1 – Annual Meeting
Our Annual Meeting must be “on or about the second Tuesday of May on each and every year”
The 2021 June Meeting was delayed due to the pandemic restrictions
The September 2021 special election was granted by a Court Order.
Things we can do:
1) Keep in mind who the current board members are and remember not to vote them this election
2) Go to yelp.com and the better business bureau and leave reviews for AKAM and the coop attorney. Their online reputations will follow them for life. This is important.
3) Contact the attorney general via phone or email.
I am disgusted at what is going on with the incompetence and greed but mostly scared that I will be forced to sell my home because I will not be able to afford a future substantial maintenance increase. Fellow neighbors we must do something! Ron can we demand that the annual election be held in May as always? If not can we form a special election? Those Board members who chose to remain on the Board how do you sleep at night? speak up or resign as well. We are all seeing what is going on.
Consider this: If they were telling the truth that our co-op was bankrupted under the previous Board, then the accounting firm of Newman & Newman would have had to report it in the last financial statement. And since the new Board and their lawyer retained Newman & Newman as our accountants, that would logically indicate that we were in fine financial shape under the previous Board. We need a new election before finding ourselves in an actual precarious financial position. Is there anyway that we can stop the Board from refinancing without shareholder approval?
To the previous comment, the building was never bankrupt, they are liars as everyone can now see. You could say many bad things about Chandra’s management, but he kept the building in very good financial standing, including paying down extra on debt. The new board did not increase maintenance in the face of rising costs for everything, because they do not have an interest in what will happen to the building. After they clean out the building financially, the people who replace them will likely need to raise maintenance significantly to cover what they are doing. This is a replay of what happened in Anita terrace. So we could see a hike of 50-100% over a few years. The math is simple, what is the interest and principle for a multimillion dollar loan going to cost per unit, probably 500-750$ a month depending on number of shares.
This is alarming! They kept saying the coop was bankrupt by the previous Board. Then they took over and there was no maintenance increase? How is that possible? Now they are refinancing? Why? How much is that going to cost us? Are there any prepenalty fees? Who could potentially have to monetarily gain from such refinance? Can someone please explain?
What is the reason that no budget or any information regarding building finances have been released? I suspect they are waiting to secure a new loan on the buildings and disperse the money, so even if they are voted out, no one will have a way to get anything back. Just the “legal fees” could easily be in the range of-500k based on the rate she claimed. We don’t know when the clock started or how many hours a week they will claim was charged.
100% Concerned , IMHO about the numerous conflicts of interest to the Duty of Loyalty guidelines cited below by the new board and “our?” attorney.
One Voice posted the Duty of Loyalties in support of Arthur’s resignation. Arthur recognized that, as Directors, the Board was to work in the best interest of the corporation (our co-op) and that was not being done. So he resigned his position and intentionally informed shareholders that the Board was in violation of their fiduciary duties (the best interests of the corporation and not to benefit its Directors and friends).
Ron how can we find out how much we as shareholders are paying in legal fees to the coop attorney on a monthly basis? There are some extremely high numbers being put out there. It should be public knowledge especially to us shareholders.
Concerned shareholder
We need to refinance to pay the lawyer probably. Also David needs to be reimbursed for the “property management for dummies” book he ordered.
