Reserves & financial health · 5 source passages
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ve (12) months from the date of this Amendment (other than payment of maintenance
charges and assessments) including but not limited to, reserve and working capital fund payments and
payments for repair and improvement obligations.
5. None of the Unsold Shares owned by the Sponsor are subject to mortgages or financing commitments.
6. The Sponsor funds the monthly maintenance payments discussed in paragraph "2" above, via
collection of the rents discussed in paragraph "3" above and its other resources of income if necessary.
7. The Sponsor is current on all financial obligations under the Plan, including, but not limited to,
maintenance charges, reserve or working capital fund payments, assessments, and payments for repairs or
improvements promised in the Plan. The Sponsor was current on all financial obligations under the Plan
during the year prior to filing this amendment.
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ccordingly, the portion of maintenance used for amortization of mortgage is added to
the stockholders’ equity as additional paid-in capital
Note 6. Future Major Repairs and Replacements
The Corporation has not conducted a study to determine the remaining useful lives of
the components of the common property and current estimates of the costs of major
repairs and replacements that may be required in the future. When replacement funds
are needed to meet future needs for major repairs and replacements, the Corporation
may have the right to borrow, utilize available cash, increase maintenance charges, pass
special assessments, or delay repairs and replacements until funds are available. The
effect on future assessments has not been determined at this time.
Note 7. Sources of Revenue
The sponsor, B J P LLC, owns approximately 34% of the outstanding shares of the
Corporation as of December 31, 2018.
Note 8. Net Tax Abatements Paid
In 2018, the Corporation did not pay tenant sh
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, the
portion of maintenance used for amortization of the mortgage is added to the stockholders’
equity as additional paid-in-capital.
Note 6. Future Major Repairs and Replacements
The Corporation has not conducted a study to determine the remaining useful lives of the
components of the common property and current estimates of the costs of major repairs
and replacements that may be required in the future. When replacement funds are needed
to meet future needs for major repairs and replacements, the Corporation may have the
right to borrow, utilize available cash, increase maintenance charges, pass special
assessments, or delay repairs and replacements until funds are available. The effect on
future assessments has not been determined at this time.
Note 7. Real Estate Tax Abatements
The Corporation was issued a real estate tax rebate of $25,444 in 2019 as a result of a
New York City tax program for co-op Corporations. This was administered to tenant
shareholder
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, the
portion of maintenance used for amortization of the mortgage is added to the stockholders’
equity as additional paid-in-capital.
Note 6. Future Major Repairs and Replacements
The Corporation has not conducted a study to determine the remaining useful lives of the
components of the common property and current estimates of the costs of major repairs
and replacements that may be required in the future. When replacement funds are needed
to meet future needs for major repairs and replacements, the Corporation may have the
right to borrow, utilize available cash, increase maintenance charges, pass special
assessments, or delay repairs and replacements until funds are available. The effect on
future assessments has not been determined at this time.
Note 7. Heating
The amount billed for gas in 2018, 2019 and 2020 were minimal due to an administrative
or hardware error on the part of National Grid. Management was alerted to this error. The
error was fixed/uncover
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, the
portion of maintenance used for amortization of the mortgage is added to the stockholders’
equity as additional paid-in-capital.
Note 6. Future Major Repairs and Replacements
The Corporation has not conducted a study to determine the remaining useful lives of the
components of the common property and current estimates of the costs of major repairs
and replacements that may be required in the future. When replacement funds are needed
to meet future needs for major repairs and replacements, the Corporation may have the
right to borrow, utilize available cash, increase maintenance charges, pass special
assessments, or delay repairs and replacements until funds are available. The effect on
future assessments has not been determined at this time.
Note 7. Co-op Abatements
During the year the Corporation received a reduction in Real Estate taxes of $28,824 which
was to be passed on to the tenant shareholders as part of the NYC real estate tax rebate
programs. I
Assessments & charge increases · 3 source passages
PDF page 44 · financial statements as of 2023-12-31
2023 2022
REVENUE
Maintenance Income 314,607$ 294,944$
Less: Contribution for Mortgage
Amortization (Note 5) (17,034) (16,375)
Special Assessments 10,000 0
Net Abatements Paid (Note 7) 4,152 4,960
Real Estate Tax Refunded 4,872 0
Sublet Fees 1,689 13,540
Late Fees 789 0
Storage Income 5,892 4,704
Flip Fees 12,250 4,590
Laundry Income 2,230 2,360
Interest Income 1,059 523
TOTAL REVENUE 340,506 309,246
EXPENSES
Interest 22,858 23,517
Real Estate Tax 130,638 130,274
Electricity 1,895 1,957
Heating 19,633 18,344
Water & Sewer 62,804 55,820
Insurance 21,386 25,140
Repairs & Maintenance 30,134 14,763
Supplies 1,092 3,712
Exterminator 4,807 4,758
Professional Fees 8,157
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needs for major repairs and replacements, the Corporation
may have the right to borrow, utilize available cash, increase maintenance charges, pass
special assessments, or delay repairs and replacements until funds are available. The
effect on future assessments has not been determined at this time.
Note 7. Sources of Revenue
The sponsor, B J P LLC, owns approximately 34% of the outstanding shares of the
Corporation as of December 31, 2018.
Note 8. Net Tax Abatements Paid
In 2018, the Corporation did not pay tenant shareholders their share of the Cooperative
Tax Abatement, nor “STAR” benefit, by the prescribed date as required by New York City
Law. Penalties, if any, have not been specified by New York City tax code and therefore
have not been included in these financial statements.
9
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rogram for co-op Corporations. This was administered to tenant
shareholders by Management in the year 2020. The Corporation simultaneously issued a
special assessment of $25,444 in 2020.
In 2020, the Corporation was issued a real estate tax rebate of $28,662. The Corporation
did not fully administer to tenant shareholders the Corporative Tax Abatement, nor “STAR”
benefit in the same year. Though Management recorded, internally, total Abatement
Credits of $28,662, the full intention is to offset these Abatement Credits with a Special
Assessment of approximately the same sum. It is Management’s intention to address the
offsetting Special Assessment, in 2021. The transaction will be recorded on the Financial
Statements when the Special Assessment is detailed and recorded by Management.
Note 8. Heating
Upon audit analysis, the amount being billed for gas in 2018, 2019 and 2020 appear to be
minimal due to an administrative or hardware error on the part of National Grid.
Resale fees & restrictions · 4 source passages
PDF page 44 · financial statements as of 2023-12-31
ments 10,000 0
Net Abatements Paid (Note 7) 4,152 4,960
Real Estate Tax Refunded 4,872 0
Sublet Fees 1,689 13,540
Late Fees 789 0
Storage Income 5,892 4,704
Flip Fees 12,250 4,590
Laundry Income 2,230 2,360
Interest Income 1,059 523
TOTAL REVENUE 340,506 309,246
EXPENSES
Interest 22,858 23,517
Real Estate Tax 130,638 130,274
Electricity 1,895 1,957
Heating 19,633 18,344
Water & Sewer 62,804 55,820
Insurance 21,386 25,140
Repairs & Maintenance 30,134 14,763
Supplies 1,092 3,712
Exterminator 4,807 4,758
Professional Fees 8,157 9,629
Management Fees 20,935 20,935
Maintenance Service 17,850 15,000
Franchise Taxes 403 403
Permits
PDF page 35 · financial statements as of 2021-12-31
1,873$
Less: Contribution for Mortgage
Amortization (Note 5) (15,742) (15,133)
Net Abatements Paid 6,854 0
Sublet Fees 2,235 1,720
Late Fees 0 3,991
Storage Income 1,188 1,188
Flip Fees 13,550 7,480
Laundry Income 1,784 0
Interest Income 139 104
TOTAL REVENUE 290,161 281,223
EXPENSES
Interest 24,150 24,759
Real Estate Tax 113,025 113,380
Electricity 1,914 1,469
Heating (Note 7) 40,681 730
Water & Sewer 34,001 30,056
Insurance 17,269 15,964
Repairs & Maintenance 26,457 19,208
Supplies 2,584 1,084
Exterminator 0 2,172
Professional Fees 4,011 4,290
Management Fees 17,520 18,010
Maintenance Service 17,698 16,983
Franchise Taxes 510 720
PDF page 25 · financial statements as of 2020-12-31
Less: Contribution for Mortgage
Amortization (Note 5) (15,133) (14,548)
Net Abatements Paid (Note 7) 0 (22,314)
Sublet Fees 1,720 1,720
Late Fees 3,991 1,894
Storage Income 1,188 1,188
Flip Fees 7,480 8,760
Miscellaneous Income 0 1,598
Interest Income 104 206
TOTAL REVENUE 281,223 259,400
EXPENSES
Interest 24,759 25,344
Real Estate Tax 113,380 111,581
Electricity 1,469 1,656
Heating (Note 8) 730 1,078
Water & Sewer 30,056 27,121
Insurance 15,964 14,541
Repairs & Maintenance 19,208 19,023
Supplies 1,084 1,738
Exterminator 2,172 2,444
Professional Fees 4,290 11,244
Management Fees 18,010 16,920
Maintenance Service 16,983 12,166
Franchise Taxes 720 719
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tion relating to
Purchaser's financing; and
11.1.2.2 transfer taxes imposed by statute primarily on
Purchaser (e.g., the "mansion tax"),
11.2 The Flip Tax, if any, shall be paid by the Party specified in
,i 1.19.
11.3 Any fee imposed by the Corporation and not specified in this
Contract shall be paid by the Party upon whom such fee is
expressly imposed by the Corporation, and if no Party is specified
by the Corporation, then such fee shall be paid by Seller.
11.4 The Parties shall apportion as of 11:59 P.M. of the day
preceding the Closing, the Maintenance, and any other periodic
charges due the Corporation (other than Assessments) and STAR
Tax Exemption (if the Unit is the beneficiary of same), based on
the number of the days in the month of Closing.