Tell us what’s on your mind? 
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Looking at the Operating Budget Forecast approved October 22, 2021 (new board) our current 10 year mortgage won’t expire until September 1, 2024 and the interest rate is 3.84% so do we need to take out a new mortgage now? – especially in the current economy when mortgage rates are fluctuating higher due to inflation. The balance due on the existing mortgage as of January 1, 2022 was $16,493,711
The Operating Budget that was available to all shareholders in October breaks down all past expenses and projected increases for 2022 – including maintenance worker costs (salaries, benefits, insurance, etc).
What we don’t know is if the projected 2022 increases took into account the maintenance contract renewal.
Could anyone with labor arbitration experience please contact the management office. Volunteer needed to negotiate new collective bargaining agreement
NOTE TO ALL
I DELETED EVERY COMMENT THAT SPOKE OF A $100 MILLION MORTGAGE. IT’S BULLSHIT AND I WILL CONTINUE TO DELETE THOSE FALSE POSTINGS.
FURTHER, I provided all of the past interest figures based on the annual letters that WE ALL GOT from the accountants.
I do NOT work for the Board, have never liked Chandra or the former Board and I’m a little tired of people who don’t bother to READ the earlier comments. When I sign a comment as “Ron” – then only an idiot can make a comment headed “to whoever posted the math”. You’re stupid – so I deleted that comment too.
Keep in mind I can shut down THOUGHTS whenever I choose to. It’s there solely for the benefit of shareholders knowing what other shareholders in our six buildings are concerned about. It’s not for stupid rants!
Ron
STOP with the chicken little “the sky is falling” about mortgages.
Someone is spreading scary misinformation about a mortgage and huge increases in the monthly maintenance.
Lets look at the factual past:
In 2007 the co-op had a mortgage of $12,500,000. Twelve million and 500 thousand dollars – and we are are still here.
In 2014 the co-op repaid the 2007 mortgage and took out a new mortgage for $18,000,000. Eighteen million dollars.
What is the annual interest for that mortgage and what was the interest you paid on that mortgage?
In 2015 the co-op paid $689,685.00 and at the end of the year we paid $2.26 X our number of shares
In 2016 the co-op paid $679,100.00 and at the end of the year we paid $2.12 X our number of shares
In 2017 the co-op paid $651,614.00 and at the end of the year we paid $2.04 X our number of shares
In 2018 the co-op paid $660,386.00 and at the end of the year we paid $2.06 X our number of shares
In 2019 the co-op paid $649,653.00 and at the end of the year we paid $2.03 X our number of shares
In 2020 the co-op paid $651,614.00 and at the end of the year we paid $1.97 X our number of shares
In 2021 the co-op paid $651,614.00 and at the end of the year we paid $1.87 X our number of shares
My 224 shares means that $34.09 of my monthly maintenance is used for mortgage interest.
[224 X 1.87 = $418.88 divided by 12 (months) = $34.09]
Lastly, our co-op has a market value of 86 million dollars (for the 2021/2022 tax year, according to NYC Dept of Finance) so just STOP with the unnecessary worries about $100 million mortgage. It’s impossible!
What does financially hurt us are the property tax assessments made by NYC DoF. Those taxes go up every year. In 2021 the NYC property tax cost every shareholder $14.02 per share… totaling just under four and a half million dollars.
Then there’s water and gas usage – it ain’t free. And now we have this new electricity provider (put in place by the old Board).
Will there be an increase this year? Most likely yes – but I’m not an expert. It’s just an educated guess that there will be an increase BUT AGAIN it won’t be for some ridiculous mortgage amount people are spouting on this website!
In my opinion, I think the Board puts those mortgage comments up just to distract us from their failures.
Ron
I’m uncertain but I believe the pool is leased for a set number of years at a progressive annual rent. There’s nothing that we can immediately do until we have a new Board and a new attorney – who will have to go to court to get the pool guy to produce a copy of his lease – keeping in mind that almost all management office records are missing (presumed to have been destroyed by the old management). Possibly, a former Board member a or more knowledgeable person can clarify the lease terms and duration. Ron
To add to the prior comment. When these board members we’re going door to door every night, people were being promised maintenance decreases and spots in the garage. With Doris gone from the office it is very possible that people who gave generous “donations” might start getting these things.
Not so sure that the new board will get Russian votes. One of the Russian seniors in 98-20 gave $100 last election for the promise that his maintenance would be lowered. that didn’t exactly work our for him. I’ve also spoken with some Russians (I’m part Russian) that they don’t like what’s going on with the new board. So let’s get all groups on our side and not discount any group.
The pool is a serious racket, the board will probably work the door themselves, to make sure none of the cash they are stealing goes missing. It makes taking cash to skip people in the garage list look like pocket change.
So who is sharing the thievery of the pool this year. Who I ask. cause its looking like a dump, again..
You asked for this board you got it. STFU.Banged on my door nightly. (highly unethical) Well, now you have it Enjoy idiots.
Zarina, David, Rose, Igor and Emma are all going to burn in hell pretty soon. Let them enjoy while it last.!!!!!
To the prior comment. The previous election was only won by about 2000 share votes, so 3-4 apartments, out of over 800 resident shareholders and 100+ investor units. Many people (including some who were going door to door) I spoke to before the election who voted for the new board are not going to vote for them this time, which is why they do not want to allow the election to happen. Rose and her friends were going around promising parking spots and maintenance cuts, we can see they grabbed spots for themselves, but I’m sure many of her supporters are disappointed. We shall see what happens this year, or even if they allow an election.
You guys do not understand that the new board won’t lose, the reason being is that 75 percent of Tenants are Russians who don’t speak English and Zarina got all her votes from the Russians who don’t speak English. She had power over that to convince people to hear her and sign their vote without any facts because she knows the language. This is going to be a tough re-election with a person with big mouth like that.
Chandra is no longer an issue. Previous boards are no longer an issue. The only issue is a board controlled by outsiders with connections to the Board President and Office Manager. Zarina orchestrated this whole situation from the first meeting in the park to the choosing of attorney Emma Lupu and Akam Management. We need our annual elections to not be postponed or cancelled. If the present board members think they’re doing a good job, then they should not be afraid of a new election. Postponing it will only show that they (and Zarina) know that their jobs are in jeopardy.
Aside from taking aim at getting personal revenge at Chandra and real estate competitors at share holder expense. I haven’t heard any new bird members now say anything constructive on this site yet.
