proprietary lease concerning unsold shares

38. (a)  The term "Unsold Shares" means and has
exclusive reference to the shares of the Lessor
which have been issued or transferred to the
Sponsor or as provided in the Offering Plan to con­
vert the premises to Cooperative Ownership to acquir
Unsold Shares or to a nominee or design.ee of such
Individual(s); and all shares which are Unsold
Shares retain their character as such (regardless
of transfer) until an individual purchases same for use and occupancy by himself or a member of his family.

When to Refinance an Underlying Mortgage

When to Refinance an Underlying Mortgage

summary of our original bldg co-op mortgage and the last refinance, we refinanced approx 2 years early ,paid a prepayment penalty and got a higher rate

when we went co op in 1983 we had a 10 year mortgage,ending in 1993, our principle  due was $212,000
this recent mortgage we got in 2008  we gto approx 2 years early,  the existing mortgage was due in 2010.  we paid  15k in prepayment penalties, 39k in refinancing cost and  $3200 for the line of credit of 100k plus we have to keep  a 25k balance in The Westchester Bank .This same bank our president of our coop is an investor in and the owner of the management company  is on the board of the bank . The president who set the whole thing up and never kept the other directors informed  let the other board members know on the night he pushed the mortgage through, that he was an investor., and by law he should have recluse  himself, i doubt he did, not that it mattered, since they are all puppets and do what he says.
this new mortgage is for 1,200,00 at 6.25 for  7 years and the line of credit of 100k is at 1% above the banks prime rate for term of the loan.


 the previous mortgage due april 1 2010 was for $737,675 at 5.875%

why am i the only person in this building that thinks this is suspicious,
also in 2004 the managing agent had a $3000 operating  budget, this year he has a 30,000 operating budget.

Is Your Board Carrying Out Its Fiduciary Duty?

Is Your Board Carrying Out Its Fiduciary Duty?

credit card / debit card only machine in new laundry room=high fraud possibility

i see a big security/identity theft, credit card  fraud with this new laundry room that does not take cash in exchange for a laundry card. 
This new machine  at 1 Hawley Terrace only takes credit cards/debit cards. You dip the card into the machine, who knows who and how many people  have access to the numbers and what precautions are taken concerning  access to these numbers.  If you believe their answers  without a credit card fraud experts testimony, you probably believe  the managing agent when they tell you the incinerator chutes"cannot" be enlarged, or that the doors on the stairwells cannot be stopped from slamming shut . That list of credit card numbers, matched with the buildings address could be easily sold. I would never use a non-bank ATM because of fraud problems. Here the whole building is being put in cc fraud jeopardy . I asked Chase Bank on Astor Place about this yesterday, the three people at the desk agreed with me and have never heard of a machine like this. I already changed my credit card number, i dipped it once, and realized afterwards how crazy this is. My credit card issuer also agreed with me.

 This is the work of your  board and managing company.  To think that John Holzinger, the owner of the managing company is on the board of directors of  The Westchester Bank. This is the same man who refused to speak to me about the $27k zero drop budget error and a number of fiduciary and inside dealings that I  documented by a number of the board members and president / vice president of this co-op. 

treasurer responsibiltes

i just came across this section of a Nov 2010 seminar.

over the last couple years, since the $27k mistake in the budget that john holzinger , the owner of the management company and he is  also a board member of the  newly formed bank we got our new building mortgage from,  the same newly formed bank that our coop president is also an investor in. My questions at the annual meeting of what other board members have business dealings with the management company or are investors in this new bank  to this day are unanswered. I still need to follow up.

i remember asking  the person  i believe was treasurer on what was going on with the mortgage and who had check-signing powers , and how many signatures were required. I also asked what limit the managing agent could write without board approval.

He had no idea. That was about 2 years maybe 3 years ago.

recently i asked one of the few board members that actually are following  the proprietary lease concerning occupancy and living in their apartment.  She had no idea on who had check signing powers, why the maint account was moved to a bank in long island, Why there was no name of the bank anywhere, just an account number. Even the canceled checks come back  with nothing but an account number.  she also didn't think her lack of knowing the money flow was any big deal.

The treasurer who knew nothing about the mortgage and check signing powers, i believe he was the treasurer , could have been the  secretary, they do not post the BOD  titles any more in keeping with the  share owner mushroom plan.

He is an upstanding gentleman, but doesn't understand the BOD responsibilities and what he is liable for.  He made the mistake of listening to the president  of the co-op and managing agent , who give out false information.

i explained to him that he should tape record every meeting or when he votes against something that he believes is discriminatory or improper/illegal   he should state that he wants his opposition noted in the minutes and ask for a copy of the minutes  so that he can insure it is in there.

4. THE TREASURER

The treasurer of a cooperative or condominium oversees all financial activities. While the execution can be delegated to management or to investment

advisors, the treasurer can never relinquish responsibility for ensuring that

all is done. Accountants Norman Prisand and Robert Mellina will enumerate

and discuss the treasurer’s responsibilities, suggesting systems of control

and practical, timesaving procedures .Cooperative or condominium oversees all financial activities. While the execution can be delegated to management or to investment

advisors, the treasurer can never relinquish responsibility for ensuring that

all is done. Accountants Norman Prisand and Robert Mellina will enumerate

and discuss the treasurer’s responsibilities, suggesting systems of control

and practical, timesaving procedures.

hampton-0906.gif (200×264)

hampton-0906.gif (200×264)

collection of co op newsletters

collection of co-op newsletters
collection of co-op newsletters

http://cnyc.com/pdf/nhttp://cnyc.com/pdf/newsletter-gallery/hampton-0906.gifewsletter-gallery/hampton-0906.gif

collection of co-op newsletters, we had one before the internet, however the new board stopped any information sharing

http://cnyc.com/pdf/newsletter-gallery/250cabrini_spring08.pdfgreat co-op newsletters

i need to fax over the info on the ceiling and ice buildup at base of Odell stairs

going to get a couple faxes out to the managing agent concerning the ceiling filled with tiles and the ice build up at the bottom of Odell stairs, the spot where there is no handrail.  i fell last week on black ice at this spot.  i was very,very lucky i landed on my finger tips in a yoga like position. incredible luck, i wont say i have the reflexes of el gato, i was damn lucky, my fingertips stung from the impact, but i kissed them and went looking for ice melt in the main garage.  i don't believe in ignoring a hazard for anyone else. the 2 buckets i found were almost empty, maybe a total of 4 oz of rock salt.  i used that and put the two empty  buckets on the location, so at least people will get a warning that  something is going on there. I am going to fax over to the managing agent and specify it gets distributed to every BOD member  that day.  There should be containers of sand or ice melt to throw in front of you along the path and at the stairs. 

This way the liability is on the board members, the insurance company for the building will not exempt the board members if members  have been prior notified and they did nothing, same with the managing company. At least that is what i have read on the co-op lists. These holes could have been patched  in less than 30  minutes. Portland cement is the generic name.  We used a type of this stuff to build dams and V around manholes we were working in.

it is easy and cheap, just add water. The holes in the garage were not fixed for over a year. I have the pictures posted with the dates. This same crap work is why we were accessed the roof  fees, it is simple and cheap to cover temporarily.  That is what a home owner would do, especially on a roof  that is flat, easily accessible , with a full size door. However it is more money for  some people , such as the the big water proofing company and maybe??  This roof was  ignored for over 25 years with  probably 7 or more different managing agents.

That IMO was the proof that our managing company screwed the share owners big time and has not done the job we have paid them to do. 

 i worked in this field with telco cables, so i know this game.

Best website for learning internet security

steve gibson also has a weekly podcast/webcast on the TWIT.TV network. Steve also has a hard drive recovery tool that is backed by a money back guarantee, i am gong to order one today to check my hard drives. Its purpose is to recover your hard drive if you have a spinning type hard drive failure (not SSD) All the programs on the twit.tv network are great pod/webcasts. i listen them rather then the radio , since i learn ,while doing other chores. Net at night is great to keep up on new , mostly free, Web 2.0 sites hat can make your daily life easier.

GRC | Gibson Research Corporation Home Page

prior contractors dump their construction debris in the walls and in the ceiling, they are paid to carry it out.

i had a leak aboe my bathroom ceiling lastweak. it was nighttime when u returned home and notived water coming out from cracks in thr vertivle wall.

manny came out and busted the ceiling ipen, we were greeted by a load of tiles , unbriken 4x4  and a load of construction debris. none of this stuff should have been in my ceiling. the plasterers worked for a full day in the bathroom, tey said thyhad to plaster above thethey tub, eventhough the leak was abive the sink, seems all the construction debris thatwas dumped there by orior contractors, added to the wet conditiond from the leak , caused the eiling tio bevery weak and needed a ful plasterjob..
in out contracts with the trdesmen, they are supposed to remove from the building all materials.  we pay for this. They are not suppose  to dumpo it in between the walls and floors, to make their life easierand get paqid for work they  didn'tperform. There is also a hazard that they cause, if tise tiles landed on my head, that is not a normal part of a leak, that will be pursedin the courts, so i hope the BOD id checking the insurance certificates very closely of the workers. There are plenty of scams with thesecopys of insurance papers.  The co-operator has a whole section on them.
So wehave contractors that are stealing from us by not removing their debris, plus caisng a haxard that the building/co-op will be liable for.
next we end up paying the plastersa lot more money, since the contractures before made their job muc harder and more time consuming.
The contracors that dumped all theirr garbage in the walls , may have not been thre plumbers that came to fix the leak this time.
which ever contracter that did the inter wall dumping/inter floor dumping, should never be allowed to worrk here again.
 i wonder if it was the bunch that left my door, and no one in the apartement , wide open 3 times in one day.i will come back laterandfix the spelling and gramtcs, just wanted to get this posted

Bedbug-sniffing dogs are raising doubts for some | Seattle Times Newspaper

To clarify, there are no cases of bedbugs in this coop, the reason  i have been posting all the links and info is knowledge is the most important way  of keeping them away.
There have been cases reported in nyc where exterminators have been milking the apartment owners for thousands of dollars, with no relief.
 unscrupulous Exterminators can use the bedbug scare as their guaranteed  income fund. Coop can get scammed out of thousands a month, and in our case that is a big problem as our BOD has never done their due diligence on any matters that i have brought to their attention, Our managing company  IMO should have been replaced  long ago, the rooftop waterproofing  as the final straw.   Over 25 years as the managing agent and they either never opened the door to walk around and inspect the roof or waited until it was a big  multi thousand job to give to one of their contractor friends.
Home & Garden | Bedbug-sniffing dogs are raising doubts for some | Seattle Times Newspaper

Bed Bug info, knowledge can prevent problems/clarify no bedbugs in this coop

Bat Bugs and Bed Bugs

Where the Dollars Are

Where the Dollars Are

Cooperator

Cooperator

October 2010 Vol. 30, No. 10

The October 2010 issue of The Cooperator newspaper focuses on Board Operations.

In this issue, you can read about codes of ethics, handling closed-door meetings, and board etiquette

Visit our archives to see other articles that were published in 2010.

Bedbugs reported in this neighborhood, learn and prevent infestation

Keep an Eye Out

Keep an Eye Out

Protecting Your Building from Fraud

Protecting Your Building from Fraud

Fraud Alert

Fraud Alert