FAQs

The information on this page was last update on March 18th, 2013. This page answers most questions asked by banks and mortgage brokers in their questionnaires.

1. Number of shares in co-op? 17,246. Originally the Co-op had 17,202 shares. 44 shares have been added because of owners who purchased sections of their hallways.

2. Number of residential units in co-op? According to the Certificate of Occupancy, the number is 135. Originally the co-op had 137 units plus the Super's apartment (for a total of 138), but after the building became a co-op, some apartments were combined by their purchasers, so the current total is 134, plus the Super's apartment (for a total of 135). Many apartments, however, have been joined without a change in the Certificate of Occupancy. The total of individual apartments, when all such apartments are taken into account, is 115.

3. Number of original units sold? 118. The sponsor owns 20 apartments, so 118 of the original units were sold.

4. Number of professional units? 0.

5. Number of commercial units? 3. (The 2 stores and the garage are not included in any of the other calculations in the FAQ section.)

6. Number of sponsor (aka investor) owned units? 20. See question #3 above.

7. Number of units owned by the Co-op? 0.

8. Number of units owned by a bank? 0.

9. Number of sublet units? 4. The sublet fee is $3.00 per share. Sublets have terms of not more than one (1) year and are subject to the co-op's sublet policies.

10. Number of delinquent units? This is typically a very small number which changes frequently. You must contact the managing agent for this figure.

11. Does the cooperative operate as a resort hotel, renting units on a daily basis? No.

12. Sponsor rent received/month? The Sponsor collects approximately $21,256 per month from its units.

13. Sponsor maintenance paid/month? The Sponsor pays a total of $23,291 per month for the maintenance of its units owned.

14. Is the Sponsor current on maintenance? Yes.

15. Is there a flip tax? Yes, 2% of the sales price. The "sale price" in a mortgage foreclosure sale shall mean the amount of the outstanding balance of the mortgage obligation.

16. What is the monthly maintenance? Are there any special assessments? Do you have other fees? As of 01/01/17, the monthly maintenance is $9.84 per share. There was a one time assessment in February 2011 of the real estate tax abatement which was credited to the building. For details, see Newsletter #237. You can find the maintenance for a specific apartment by using the To maintenance calculator. Other fees are usually listed in the newsletters.

17. Amount and type of mortgage? Interest Only. The principal is $4,300,000. The interest rate is 3.67%. The new mortgage ends February 1, 2023. It may be prepaid on or after the last calendar day of the fourth month prior to the maturity date. If prepaid before that, a penalty equal to the greater of (a) 1% or (b) the yield maintenance until the last calendar day of the seventh month prior to the maturity date. Thereafter, the penalty is 1% if prepayment is made prior to the last calendar day of the fourth month prior to the maturity date. For more information, see the mortgage documents.

18. Balance of underlying mortgage? $4,300,000.

19. Is the mortgage a fixed interest rate? Yes, 3.67%.

20. Due date of underlying mortgage? February 1, 2023.

21. Monthly payment of underlying mortgage? $13,150.83.

22. Bank Name? National Consumer Cooperative Bank.

23. How can I get my name changed on the directory in the lobby? You must contact the managing agent. Tell him your apartment number and how you want your name listed.

24. Most recent AG amendment? 29th amendment (see offering plan).

25. Date accepted of most recent AG amendment? 3/11/13.

26. Does the co-op have a line of credit? Yes. The Co-op has a $500,000 revolving line of credit which may be used for capital improvements and extraordinary nonrecurring expenses and costs. Borrowings, if any, would bear an interest rate of LIBOR plus 3.75%, not to exceed the maximum rate permitted by law, with a floor of 4.50%. There are no outstanding borrowings under the line of credit.

27. Expiration date of proprietary lease? December 31, 2075.

28. Percentage of financing allowed by co-op? 80%.

29. Type of ownership? Cooperative corporation.

30. Co-op's official name? 350 Bleecker Street Apartment Corp.

31. Date Converted? 7/31/85.

32. Sponsor's Corporate Name? Bleecker Charles Company. The sponsor is a NY limited partnership. Kenneth M. Steinhouse is the managing partner.

33. Sponsor's Contact Person? Bruce Rittenberg / Time Equities / Tel: 212-206-5694 / Fax: 212-727-0563 / Web: http://www.timeequities.com.

34. Managing Agent? Neil Levin / Maxwell-Kates Inc. / 9 East 38th Street, 6th Floor / New York, NY 10016 Voice: 212-684-8282, Fax: 212-684-8077. E-mail: nlevin@mkirealtors.com

35. Does the co-op board have access to the co-op's bank accounts? The managing agent writes the checks under direction of the board of directors.

36. Does the co-op board or the management company maintain separate bank accounts for the working capital and reserves? Yes. The board has a capital reserve under a separate bank account.

37. Does the bank send the bank statements to the co-op board? Yes. And the managing agent sends copies of all bank statements to every co-op board member.

38. Does the managing agent maintain separate records and bank accounts for each coop/owners association that uses its services? Yes.

39. Is the managing agent prohibited from drawing checks on, or transfer frunds from the co-op's reserve fund? Yes. No checks from the reserve fund can be written without the written permission from the co-op's Treasurer.

40. Where do I send my monthly maintenance check? Accounts Payable / Maxwell-Kates Inc. / 9 East 38th Street, 6th Floor / New York, NY 10016

41. Property Address? 350 Bleecker Street, New York, NY 10014.

42. Total Project Shares? See answer to question #1 above.

43. Total number of floors? There are seven floors, including the ground/lobby floor and a basement.

44. Is there an elevator? Yes. There are two elevators in the building.

45. Have interest rate or repayment terms of underlying mortgage been modified or otherwise extended since the date of the most recent financial statement? No.

46. Shares held by sponsor? 2,666.

47. How many shares are allocated to my apartment? There is a table on the tenth page of Part 1 of the Offering Plan. This table has been updated from time to time and can be seen here.

48. Sponsor using unsold apartments as collateral? No.

49. Does sponsor own 10% or more of the apartments? Yes, 15.46%.

50. Does sponsor control the Cooperative Board? No.

51. What type of insurance does the building have? See the co-op's insurance certificates.

52. Name of insurance company? Fireman's Fund Insurance Co.

53. Name of insurance agent? O&S Insurance Brokerage Group

54. Address of insurance agent? 520 Sylvan Avenue, Suite 201, Englewood Cliffs, NJ, 07632. Tel: 201-569-4160 Fax: 201-569-4205.

55. Is there a mechanic's lien filed against the subject property? No.

56. Is there a ground lease or a leasehold estate? No.

57. Is the co-op a limited equity cooperative project (resale restrictions) or Mitchell Lama (government subsidized) cooperative project? No.

58. Current arrears? This is typically a very small number which changes frequently. You must contact the managing agent for this figure.

59. What is the current operating reserve? What is the capital reserve? This information is contained in the building's financial statement.

60. Has an asbestos inspection been performed? Yes.

61. Is there a J-51 tax abatement or a 421A tax abatement? No.

62. Is the Association currently a party in any type of litigation? No.

63. What were the per share deductions (for income tax purposes) for prior years? Each year, the co-op's accountant provides the share deductions for income tax purposes. See 2012 Per Share Deductions, or historical per share deductions.

64. Number of people owning more than one apartment, other than sponsor, and how many apartments do they own? There are 21 shareholders (including the sponsor counting as a single shareholder) who own more than one apartment. They own 69 of the original units (including 22 separate apartments owned by the sponsor). Some of these apartments are combined, some are kept separate. All these owners live in their units, and are not holders of unsold shares. The combinations vary: there are 13 apartments that have two original units; there are three apartments with three original units; there is one apartment that has five original units. These 17 "multiple apartments" combine a total of 40 units.

65. What is the Block/Lot number for the building? The borough is Manahattan, Block 620, Lot 19. The Zoning is C1-6. For past NYC tax information regarding the co-op, enter the block and lot numbers on the NYC government website.

66. I've just found a buyer for my apartment, how do I arrange an interview? First, your buyer must fill out a purchase application form. And once the application is fully completed, your purchaser sends the application to the managing agent. Next, the purchase application must be submitted in its entirety at least one week in advance of any interview. The final step is an interview with the board of directors, which must be scheduled with the Board Secretary of the corporation, via the Board Contact Form.

67. I've just found a sublessee for my apartment, how do I arrange an interview? First, your sublessee must fill out a sublet application form. And once the application is fully completed, your sublessee sends the application to the managing agent. The Board will decide whether to schedule an interview of your sublessee. Once that decision is made, the Board will advise the Co-op's managing agent to schedule the interview. Unless an exception is made by the Board, all interviews will be conducted once a month during the Board's regularly scheduled meeting.

68. Can I store my bike in the basement? There is a bike room for shareholders only (see a photo on the building page). The fee is $125/year, subject to change. There are currently no spaces available. To be put on the waiting list, you must be a shareholder, and you must e-mail the managing agent of the corporation. A shareholder may be on the waiting list for only one bicycle.

69. Can I store other things in the basement? There is a storage room (see a photo on the building page). The storage spaces opened in May 2000. Each locker has a one year lease. The annual price is determined each year by auction. New storage spaces will be auctioned off in May 2012, for occupancy in June 2012. When appropriate, more information about occupancy and future auctions will be announced in the co-op's newsletter.