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G:\PETER\7825-4TH (AMENDMENTS) \AMENDMENT 40 \AMENDMENT 40 V2.DOC
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b. 2525 Nostrand Avenue, Brooklyn C830292
c. 720-740 East 32nd Street, Brooklyn C850059
d. 145 95th Street, Brooklyn C820433
e. 657 East 26th Street, Brooklyn C860258
i. The Successor Sponsor is current in their financial obligations in other
cooperative, condominiums or homeowners associations in which they own shares or units as an
individual, general partner or principal.
2. The Successor Sponsor is not in control of the Board of Directors. The following is a
list of the Board of Directors:
Jerome Johnston Resident Shareholder
Pam Pazarecki Resident Shareholder
Carol Dipaolo Resident Shareholder
Mehmet Kalkan Sponsor Representative
David Adelsberg Sponsor Representative
3. Annexed hereto as Exhibit B is the budget for the years ending December 31, 2023
and 2022.
4. Annexed hereto as Exhibit C are the cert ified financial statements for the years
ending December 31, 2022 and 2021.
5. The present monthly maintenance is $3.02 per share.
6. There are no other material changes except as set forth in Amendments One through
Thirty Nine Amendment and this Fortieth Amendment.
7825 Realty Associates, LLC, Successor Sponsor
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7825 OWNERS CORP.
OPERATING BUDGETS
FOR THE YEARS ENDING DECEMBER 31, 2023 AND 2022
2023 2022
INCOME
Maintenance income a 644,256 $ 620,640 $
Laundry income 22,000 19,000
Sublet fee income 8,000 10,500
Late fees and other income 1,000 1,000
TOTAL INCOME 675,256 $ 651,140 $
EXPENSES
Wages, benefits and related taxes 35,000 35,000
Heating 50,000 45,000
Utilities 8,000 13,000
Water and sewer charges 38,000 37,000
Repairs, maintenance, supplies and contracts 41,000 40,000
Insurance 42,000 36,000
Management fees 29,000 29,000
Audit 5,000 4,750
Legal and certiorari fees 3,000 3,000
Fees and permits 2,500 2,500
State and city corporate taxes 1,150 2,100
Real estate taxes 320,000 298,000
Mortgage payments 89,412 89,412
Telephone, cable and other expenses 3,500 6,000
Contingency 7,500 10,000
TOTAL EXPENSES 675,062 $ 650,762 $
SURPLUS 194 $ 378 $
Note:
a Includes 3.30% maintenance increase effective January 2023.