Tell us what’s on your mind? 
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What has always stood out to me is the fact that out of the 1,000 somewhat apartments in Park City 3 & 4, only about 100 people tend to show up to the board meetings, and if we assume that each apartment has at least 1 shareholder residing in it, that’s 10% of shareholder turnout at meetings. Pathetic. Ironically, out of 9 million residents currently living in NYC, only 1 million New Yorkers voted in the last election for NYC mayor, that’s about 11% of resident turnout. Again Pathetic. Seems like most people are apathetic and it usually takes a catastrophe for people to wake up and get involved but by the time that happens, it’s usually too late. Hopefully Park City does not face the same fate as NYC.
Per the below comments outlining the expenses as a comparative for 2020 when Chandra was in office full year, to 2021 which new management took over only the last two months in 2021, therefore, within those two months in 2021 your telling me management fees increased?!! And professional fess tripled only in TWO months not one year!!! helloooooo wake upopppppppppp!!!!!
New Loan = $30,000,000.00
Paid Off prior payoff = $(-16,372,242.89)
Escrow = $(-750,000.00)
Escrow (resolution) = $(-450,000.00)
Board holding $12,427,757.11Dear share holders,
Our debt increased . However we still can manage if we are unity. According to Board Newsletter dated by August 4th, 2022, under Refinance title Board members are still holding ($12,427,757.11) . Find out the ways how we can control expense and safe building, effectively maintenance for building design life. Usually 120 years for building design life. That mean buildings are structurally sound within 120 years with regularly minor maintenance.
Make peace and not allow to creating lawsuits.
Expense 2021 2020 +’ increased
1 Professional fee 207029 64557 $142,472.00
2 Management fee>> 154323 – 106080 = $48,243.00
3 Other Administrative fee >>98935 – 87717 =$11,218.00
4 Telephone 40642 28556 $12,086.00
5 Water & Sewer 952335 992011 -$39,676.00
6 Fuel & gas 644258 621093 $23,165.00
7 Electricity & gas 381773 277886 $103,887.00
8 Wages 1577419 1609153 -$31,734.00
9 Security wage 1168552 1176017 -$7,465.00
10 Union and employee 675734 631750 $43,984.00
11 Payroll tax 122246 110424 $11,822.00
12 Worker compensation 68184 85331 -$17,147.00
13 Purchase labor 16507 0 $16,507.00
14 Insurance 484013 444946 $39,067.00
15 Permit and other 39972 37257 $2,715.00
16 Repair and Maintenance 588028 574138 $13,890.00
17 Real estate >>4478265 -4265412 =$212,853.00
18 Mortgage interest 880598 880634 -$36.00
19 Coporate Tax 22346 39085 -$16,739.00
Total Increased $569,112.00LOOK OUTSIDE YOUR DOOR the office dropped Newsletter giving 11 days to apply for Board candidacy with BIO – a picture – and 2 documents establishing residency – that could be as easy as a phone bill and a maintenance bill.
They are screwing with us. Don’t let them get away with this. Run for the Board and get them all out.
If you need help with writing a BIO or need a photo, contact me by text 718.664.3725 and we can arrange to meet in your lobby.
Ron Migut
Joe Biden= David
Kamala = attorney Emma lupa
Nancy pelosi= Zarina
Hillary Clinton= Rose
DONALD TRUMP= Chandra ❤️
i found this hilarious with the exception that at least Chandra had brains, Is smart and educated. These idiots can’t even change a light bulb. Lol They need Kamala to do all their dirty work. Can’t wait to see what happens when Kamala gets the big kick in her fat behind.❤️
Thanx Ron for your “calm down” post. Hysteria never resolves any problems. Of course it’s important to keep up with what’s going on, encourage transparency and determine what’s in our best interests as shareholders. But if I thought things were that dire and unsolvable I’d give up and relocate and certainly no one (including myself) would be running for the Board! Thanx again for keeping us and this site rational and accountable.
And the 5 right-wing members of the Supreme Court (not counting John Roberts) are the 5 remaining original members of this board.
Joe Biden= David
Kamala = attorney Emma lupa
Nancy pelosi= Zarina
Hillary Clinton= Rose
DONALD TRUMP= Chandra ❤️
Why is Zarina allowed in the property management office late nights? Tenants have witness her being there after hours.
Mortgage to go from 12 to 18 makes sense but from 18 to 30 doesn’t especially with the highest interest rates, the new board could of waited a little bit more like until 2024 to see if they can get a better deal, but obviously they are rushing so fast to make so many new contracts and new deals to get their pockets filled. It’s just extremely obvious. Why the rush? Also, we need to look into the debit card that the property manager supposedly uses for the expenses of the coop. With all due respect Newman is a accredited accountant and well known. I’m surprised the coop fired him. He seems to have alot of experience with coops, he could have caught something over the years of fraud was occuring. Also, we’re there any “Bids” taken for the elevator improvements or Zarina hired her people right away?
This is Ron.
First. I deleted a complete July 30th comment. WHY???? Well, if you’re going to use this site to call anyone – by name – a whore… then you should put YOUR NAME at the end of the comment so that they know who to sue for libel. I cautioned everyone about this before.
Second. I don’t know how many people are using the THOUGHTS section of the website. It is an open forum and we created THOUGHTS so that all entries would be the private comments of the writer. There is no tracking of anyone’s writing or of how many times they wrote.
Third. STOP! with all the “Sky is Falling” comments about increases, mortgage payments, capital assessments, etc. as is commented on July 30th.
To the writer – we have always had mortgages; always had maintenance increases; always had capital assessment charges and your comments read like all hell is upon us.
I don’t have all of the info but we had a 12.5 million mortgage in 2007 and the next was 18 million in 2014. I don’t know why – according to the financials – we had a 16 million mortgage balance as of December 2021 but I ASSUME the 30 million was partially used to pay off that 16 million mortgage balance.
Our portion of a mortgage is included in our maintenance EACH MONTH. At the end of the year you get an accountant statement of the Real Estate Taxes and Mortgage payments that you paid as part of your monthly maintenance – – – you use that information when you file your Income Taxes.
Real Estate Taxes are set by the NYC Department of Finance. NYC also sets the price for water usage (the water ain’t free). Historically, the City has increased our costs every single year and that’s why, in the past, we would get a maintenance increase of 3 or 5 percent each January.
Keep in mind our buildings were “brand new” in 1954. – 68 years ago! The City has implemented a series of new building code laws and our co-op is mandated to meet the new requirements within a specific time frame. The work for those new laws is done under capital assessments.
The capital assessments are charged to you every June because June is when the City authorizes the management company to apply NYC Tax Credits (abatements, STAR, and exceptions for seniors, disabled, etc.) to your account. Charging the capital assessment dollars at the same time (June) as NYC’s tax CREDITS are applied to your account soften the hit to your finances.
I am not defending this Board [they really suck when it comes to communication] however, the lawyer spoke of existing lawsuits against the co-op (I know that to be true) and we need lawyers to fight the suits. Professional fees also include accountants and architects and there are City mandated inspections where we are required to absorb the cost of those third-party inspections.
I hope all of this tones down the July 30th comment.
For that matter, it might have been created by “THEM” just to scare the hell out of you in the hope you will rush to sell your apartment and give the brokers more business. … think so???
So how are we going to go bankrupt? There were many claims this was imminent and I’d like a walkthrough.
It originally looked like it was incompetence that pages were missing from the Financial Statement that was given out at last week’s meeting. Now it looks like it was purposely omitted so that we wouldn’t ask Emma questions about certain figures. And now they’re limiting the usual number of days for a new group to campaign. They know that the only chance for them to win is by using such tactics. Let’s see after we get other candidates if they hold a Candidates Night like we held in past elections.
On professional fees. The last management challenged the election for weeks until the results were officially announced. How do you think that was paid for?
