Sales/Rental Activity: There have been 12 re-sales in 2016 at an average of $2,329 PSF, which is a 2.3% decrease over 2015. There are currently 69 investor apartments that are being leased to renters. The average annual rent for these units is approximately $95 PSF.
Newly Elected Condo Board Representatives: Adam Derrick and Peter Peterson
Budget: The cash position for the building remains strong, at approximately $996k. Total operating expenses YTD are favorable to budget and are expected to increase in 2017 by approximately 1.5%. However, there will be no common charge increase or capital assessments in 2017. A separate notification regarding common charges and a summary of the operating budget will be sent out to all owners prior to the end of the year. The 2017 operating budget will become effective January 1, 2017.
Capital Projects:
- Co-Generation Update – The startup and first kwh production will be in January 2017. Utility savings have been accounted for in the 2017 budget; however, we were conservative in our estimates until the system is running and optimized.
- Corridor LED Light Fixtures – All of the resident corridors and back of house have been retrofitted with new LED lamps. A custom fixture has been selected and is currently being manufactured. The full installation will commence in Q1 2017 and the 3rd and 12th floor ceiling tiles will be replaced during the installation.
General Updates
- The Local Law 11 Façade Inspection started on December 5th and was completed on December 8th. Based on the findings of the inspection a scope of work will be filed with the city by the deadline of February 2017.
- The build-out of Dog City is complete and the space will open in Q1 of 2017.
- Additional modifications to the planter on the public and private sides of the 14th Floor Sun Terrace were completed in order to reduce run off and erosion in the beds.
- The bench and couch cushions in the 14th Floor Lounge were reupholstered. The wood counter top was upgraded to a Caesar stone and a new NEST thermostat system was installed for increased comfort and energy efficiency.
- The leather benches in the Assouline Lounge were reupholstered, as well as the cushions on the lobby benches.
- Airbnb – At the 2016 Q1 board meeting, the Board of Managers instituted an increase in fines levied against all condominium owners who illegally rent their apartment to $2,500, with a $500 increase for each subsequent violation. Notifications will continue to be distributed to owners reminding them that short term rentals are not permitted. Short term rentals are a regular topic during daily staff daily huddles and Related will continue to coach and educate the staff on how to identify and address this issue.
Individual Topics/Concerns:
- The unit owners who attended the meeting brought up some important topics and requests during the meeting. They included:
- Request that the service elevator is clean and readily available any time there is an elevator outage.
- Where possible, request for notification in advance of any water discoloration from DEP.
- Request for information on the parking tax rebate.
- Request for window cleaning discounts for owners who would like to have their windows cleaned.
- Recommendations for apartment water filtration system
- Request for the improvement of hot water pressure.
If you have any questions, please contact Glen Reynolds at 212-842- 1933 or [email protected].
