Progress Report

Dear Shareholders,


We are writing to update you on various building matters as we enter the heating season. Below, please find a few bullet points highlighting some of the key issues that the Board and Management are focusing on:

Superintendent Search – Management and the Board have been performing extensive due diligence and evaluating candidates. This has proven to be a bigger challenge than we initially anticipated. Although we have interviewed several viable candidates, we have offered the position to two very qualified candidates, but both turned down our offers due to our building’s zoned school district (both candidates had school-aged children). We recognize the importance in choosing the RIGHT superintendent and continue to aggressively work towards placement. In the interim, between Dermot and Peter, the temporary super, we have been able to address any maintenance concerns and are fully prepared for the heating season. As you may know, several weeks ago, on Peter’s first day, we had two simultaneous leaks on the western part of the building. Both leaks were significant and insurance claims have been submitted. As of now, all damage has been repaired after sufficient time was given to the “drying out” process. Thank you for your cooperation during this difficult period of time. Despite this, a recent walkthrough of the common areas confirms that the cleanliness of the building is being given the attention that is warranted and we appreciate the staff’s attention to detail. We also note that many items of maintenance that had been deferred have been addressed or are in the process of being taken care of. As more information becomes available regarding the placement of a superintendent we will keep you apprised. In the meantime, if you have any maintenance items to be addressed please notify the front desk and they will assist. You can always email your requests to

Managing Agent Transition – As you know, we switched to Orsid Realty this past April. Both Management and the Board agree that once a superintendent is in place we must take a more proactive approach towards the management of the building. T.J. Russo has been appointed Account Executive and he can be reached at (212) 484-3783 or via email at In addition to T.J., Rob Mellman, Vice President of Facilities Administration, remains very much involved in the day to day management of the building. Rob can be reached at (212) 484-3773 or

Front Door – The new front door was installed several weeks ago. We are pleased with the quality and the workmanship and will be replacing additional hardware and a new saddle shortly.

Hallway Painting – We are in the process of color selection for the common hallways. Shortly, we will have three test swatches painted and make a decision as to the colors and timing.

Annual Meeting and 2016 Budget – Currently Orsid is working on the operating budget for 2016. While we continue to work with them to minimize expenses we are aware that payroll, real estate taxes and utilities, the areas that comprise over 75% of the budget, are beyond our control and all are anticipated to increase. This, combined with the store vacancy, must be addressed as part of the budgetary process. We are working on scheduling the Annual Shareholder’s meeting and anticipate this to happen in mid-November. By then the 2016 operating budget should be finalized.

Retail Space – There has been some recent activity regarding the vacant space and we hope to have a deal signed shortly. Because we are entering negotiations we cannot go into detail about this matter at this time, but please know it is being given the appropriate attention.

Best Wishes,
The Board of Directors

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