Annual General Meeting 34 Plaza Corporation
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Annual General Meeting 34 Plaza Corporation Berkeley Carroll School June 5, 2006 7:00 P.M.
description
Annual General Meeting 34 Plaza Corporation. Berkeley Carroll School June 5, 2006 7:00 P.M. Agenda. President’s Report Introduction of New Shareholders Treasurer’s Report Maintenance and Building Committee Legal Committee New Business Election of Board of Directors Questions. - PowerPoint PPT Presentation
Transcript of Annual General Meeting 34 Plaza Corporation
Annual General Meeting34 Plaza Corporation
Berkeley Carroll School
June 5, 2006
7:00 P.M.
Agenda
1. President’s Report
2. Introduction of New Shareholders
3. Treasurer’s Report
4. Maintenance and Building Committee
5. Legal Committee
6. New Business
7. Election of Board of Directors
8. Questions
President’s Report
Agenda
1. President’s Report
2. Introduction of New Shareholders
3. Treasurer’s Report
4. Maintenance and Building Committee
5. Legal Committee
6. New Business
7. Election of Board of Directors
8. Questions
Welcome to our new neighbors
Apartment 508: Augustus Wendell and Malaika Kim Apartment 701: Susan Feigenbaum Apartment 804: Jodi Kim Miller Apartment 305: Michael Bain Apartment 302: Timothy Holst and Rachel Hollander Apartment 1206: Joel and Felicia Tunnah Apartment 207: Heidi Balk and Theodore Nusbaum
Treasurer’s report2006 Shareholder Meeting
June 5, 2006
Treasurer’s report2006 Shareholder Meeting
June 5, 2006
Market prices trend upward at accelerated rate Operating expenses, 2005 Operating expense trends Mortgage refinance lowers debt service starting 2007 Water costs: new basis = lower costs Oil and gas prices rocket upward … again Capital projects in 2006 took a big bite out of our
reserves, but planning and discipline will see us through.
Price per Share, 1999-2006
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05
Apartment values rose 28% in 2005 over the prior year and early trends show 2006 might be just as strong.
Price per Share, 1999-2006
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05
Apartment values rose 28% in 2005 over the prior year and early trends show 2006 might be just as strong.
Price/ Percent Units
CYE Share Change Sold
Dec-99 $530 n/a 4
Dec-00 $590 11% 6
Dec-01 $630 7% 5
Dec-02 $700 11% 6
Dec-03 $800 14% 6
Dec-04 $980 23% 8
Dec-05 $1,250 28% 8
Jun-06 $1,450 16% 4
June 2006$1,450
per share
Operating Expenses in 2005 were $1,300,000, led by labor, debt service, and real estate taxes.
2005 Operating Expenses
Labor32%
Debt service17%
Taxes17%
Oil & gas9%
Electric3%
Water 5%
Prof. services5%
Maint. & repairs5%
Insurance3%
Desig. savings4%
Total 5%
Total expenses* grew by 5.2% in 2005 over the previous year and by an average annual rate of
5.0% over the previous 3 years.
Percent change in select operating costs, 2004 to 2005, and 2002 to 2005
29%
20%
15%
7% 5%2%
-7%
32%
7%9%
6%3%
7%3%
-10%-5%0%5%
10%15%20%25%30%35%
Oil
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Ele
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Ma
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pa
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La
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Ta
xe
s
Pro
f.s
erv
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s
2004 to 2005
2002 to 2005
NotesTotal expenses exclude designated savings.2005 Insurance expense excludes prior year insurance accruals.2005 Maintenance & repairs expenses exclude extraordinary costs and non-operating costs classified as operating because they were not amortized (e.g., elevator, heating system, permits, lobby rug, trash chute)
Lower mortgage payments starting in December 2006
In April 2005, the board took advantage of low interest rates and locked in a rate of 6.10%, down from our present rate of 6.99%.
Annual mortgage costs
$0
$50,000
$100,000
$150,000
$200,000
$250,000
1998 2002 2006 2010 2014
As a result, our annual mortgage costs will decline by $77,000,a drop of 36%.
Smaller water bills In the first quarter of
2005, the board hired a consultant who determined our co-op would benefit by switching the basis of our water billing from frontage to meter.
Annual water costs
$0
$20,000
$40,000
$60,000
$80,000
2002
2003
2004
2005
2006
We won’t know the exact size of the decline for several months, but a preliminary estimate shows our water bills will fall by $25,000,a decrease of 38%.
New consequence: We are now paying for drips.
Oil and gas costs skyrocket
$0
$50,000
$100,000
$150,000
2002 2003 2004 2005 2006Budgeted
0%
5%
10%
15%
2002 2003 2004 2005 2006Budgeted
Excludes designated savings
And as a percent of our total costs too
2002 – 2005 average annual percent increase: 32%
Revenues
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
2006 2007 2008 2009 2010 2011 2012 2013
* 2006 dollars
Capital Planning, 2006 - 2013
Revenues and Expenses
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
2006 2007 2008 2009 2010 2011 2012 2013
Total revenues
Total expenses
* 2006 dollars
Elevators Courtyard Pipe Insulation
No projects
No projects
Carpets No projects
Windows
Vanderbilt Ave.
Plaza St. Wallpaper
Sidewalks Painting
Planned capital projects
Capital Planning, 2006 - 2013
Revenues, expenses, and reserves
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
2006 2007 2008 2009 2010 2011 2012 2013
Total revenues
Total expenses
Reserve fund* 2006 dollars
Elevators Courtyard Pipe Insulation
No projects
No projects
Carpets No projects
Windows
Vanderbilt Ave.
Plaza St. Wallpaper
Sidewalks Painting
Planned capital projects
Capital Planning, 2006 - 2013
Revenue Trends
Rental units Eight units fully occupied CY 2005. First year fully occupied since 2000. Zoning, tight market Income expected to increase between 2005 and 2006 by 0.8% Share of total operating revenue (2006): 16.8% Share of contributions to reserve fund (2006): 5.6%
Shareholders Income expected to increase between 2005 and 2006 by 3.7%
• Includes maintenance, garage, elevator and operating assessments
Building and Maintenance Committee ReportFaçade Repairs – Phase II
Purpose Evolving scope Work remaining Schedule Roof deck access
Building and Maintenance Committee ReportFaçade Repairs – Phase II
Purpose Evolving scope Work remaining Schedule Roof deck access
Building and Maintenance Committee ReportFaçade Repairs – Phase II
Purpose Evolving scope Work remaining Schedule Roof deck access
Building and Maintenance Committee ReportFaçade Repairs – Phase II
Purpose Evolving scope Work remaining Schedule Roof deck access
Building and Maintenance Committee ReportElevator Replacement
Why now? Cab design Thanks to our
committee Schedule Impact on our lives
Building and Maintenance Committee ReportMiscellaneous projects 2005 – 2006
Partial carpet replacement
Replacement of lobby ‘plants’
Roof deck gardening – thanks to our committee
Building and Maintenance Committee Report
Future projects through 2013 Completion Of Phase II Façade Repairs – 2006 Sidewalk Repairs – (part of Phase II) – 2006 Phase III Façade Repairs - 2007 Miscellaneous Pipe Insulation Replacement –
2008 Rehab of Common Areas (carpet, paint, etc.) –
2011 Window Replacement (if needed) – 2013 No Major Projects Planned for 2009, 2010
Legal Committee Report
Litigation Status: None Legal Fees: Nominal fees incurred in the
ordinary course of business Interview Threshold Guidelines
Income guidelines Asset guidelines
Reserve fund reciprocity Changing world
House Rules One person’s ceiling is another person’s floor.
Board of Directors for 2005-2006
Steven Fass, Treasurer Lawrence Gelber, Assistant Secretary and Chair of the
Legal Committee Lawrence Lambert, Vice President and Chair of the
Building and Maintenance Committee Andrew Saunders, Assistant Treasurer Susan Solomon, President Mary Treacy, Chair of the Admissions Committee Carol Wolf, Secretary
Contact Information
Gary Glabman, Managing Agent Office Phone: (212) 213-0123 Email: [email protected]
Willie Feliciano, Superintendent Pager: (917) 457-6827
Front desk telephone (718) 789-7049
Sign up sheets Apartment prices Web Development Committee Newsletter Garden Committee
