Dear 336 CPW Friends and Neighbors,
I guess I need to own up to the fact that I have entered the clubhouse turn in my nearly 10-year run on the board and as your president. I have only five more meetings of the board. The plan is that the board and I will agree on the budget for 2017. At that point, the leadership baton will pass from my hand to those who will continue stewardship of the best interests and welfare of our building, our co-op and our community of shareholders, residents and staff. If you think I look forward to that December meeting, you are wrong. Two reasons.
First (and probably foremost), I have thoroughly enjoyed this service. Moreover, it truly is and should be service. One is in charge (as distinct from in service) only in the sense that whatever needs attention or fixing or mediating or planning or guiding or just plain work is in the portfolio you carry. It’s your responsibility. It’s your job. You work for the community of residents and shareholders, just like the superintendent and just like the managing agent. Ultimately, every broken toilet, every damaging leak, every disgruntled, unhappy shareholder (whatever the cause), every out-of-step staffer and every threatened capital repair is your problem. Notwithstanding all that, it’s been a very enjoyable and personally enriching experience I wouldn’t trade for anything. I am going to miss it – as well as missing all of you.
Second, we have a very full agenda of projects yet to accomplish in this last half of 2016, and I want to see it all done before closing the book on my service. The major projects include the window program described at the annual meeting, the new and improved proprietary lease and the removal and restoration of the sidewalk around the building, which is both necessary and long overdue. More on these in a minute.
This year the co-op is going to have one of its best years financially (if not the best in memory). There are two principal reasons for this. The first is the one that we always cite in reviewing the financial performance of the co-op: The board, the managing agent and especially the superintendent and the staff have continued their rigorous and relentless efforts to control costs, to eliminate waste and to find ever more efficient ways to accomplish large and small maintenance tasks that must be addressed. Everyone involved conserves and protects our shared co-op funds as if they were their own. These efforts continue to pay real and substantial dividends for all of us.
Transfer fees are the second reason for this year’s financial success. We have already received more than $200 thousand in transfer fees in the first half, and there is reason to anticipate we could see another $40 or $50 thousand in the second half. This will leave us with extremely healthy cash reserves that are even more substantial than reported at the annual meeting. It will also leave us in a very strong position to deal with unanticipated major capital repairs coming out of the next cycle of the Local Law 11 report that will have to be prepared and submitted in 2017. Although we have no reason to believe anything major will come from that, we know how common surprises in that realm can be.
We achieved one other major accomplishment in the first half of 2016. We refinanced the mortgage on the building. Read More…
Spring cleaning The coop has arranged for a shredding service to park its truck in front of the building on Central Park West from 9:00 a.m. to 1:00 p.m. on Saturday, May 14. It’s free; contact the staff if you need help moving items.
(Click on individual picture for full size)
SAILING/SNOW GEAR DONATION DRIVE
To benefit Rocking the Boat young adults!
Activities such as sailing and skiing have enriched all of our lives; let’s all chip in & share our extra clothing & gear with these kids so their lives can be enriched as well!
SAILING/BOATING GEAR: Any sailing gear in young […]
A simple note to prevent leaks regarding through the wall air conditioners: Please remember to clean out your air conditioner drain lines each year. They can get clogged with dirt, causing the water to overflow, and leak.