A: We may call them, "doormen," but "concierge" or "lobby attendant" is a more accurate description of what we have in our building. The lobby attendants handle deliveries, messages, contractors, movers, and other visitors. In short, they bring order to the chaos that can take place in the lobby on any given day. They spend much of their time at the desk using the intercom, monitoring security cameras, maintaining the log book, which contains records of all pick-ups, deliveries and other incidents. They need to keep an eye on the package room and answer the phone. The concierge is also responsible for building security and emergencies.
And yes, they will open the door! just ask. Any staff member who is working in the lobby will be happy to help you with the door, the elevator, packages, whatever whenever it is possible. We just need to remember that they are human and cannot be in two places at the same time. Until the co-op decides to increase its payroll and include a true, dedicated doorman, we may need to ask for help and keep our expectations within reason.
A: There are two renovation application forms:
The simple form may be used for painting and plastering, sanding and refinishing floors, shelves, lighting fixtures, installation of sink faucets, replacement and redoing the interior of closets. There is no application fee or deposit required for this type of work however you are required to use a contractor licensed in the State of New York who carries a minimum of $500,000 liability and a minimum of $500,000 in property damage insurance. The contractor must have worker's compensation insurance covering all their employees and subcontractors in amounts as required by statute. A Certificate of Insurance must be provided to the co-op, which will name both 200 East 16th Street Housing Corp. and The Lovett Company, LLC as additionally insured.
The standard form is required for any more extensive work. There is a $250 application fee and a security deposit in the amount of $2,500.00 is required. The deposit will be refunded after all alterations have been completed and deemed to be in compliance with the requirements. As with the simple renovations, you are required to use a contractor licensed in the State of New York who carries a minimum of $500,000 liability and a minimum of $500,000 in property damage insurance. The contractor must have worker's compensation insurance covering all their employees and subcontractors in amounts as required by statute. A Certificate of Insurance must be provided to the co-op, which will name both 200 East 16th Street Housing Corp. and The Lovett Company, LLC as additionally insured.
A: Section 216 of the Internal Revenue Code, commonly known as the 80/20 rule, grants co-op owners certain tax deductions, provided that at least 80 percent of a housing cooperative's income comes from shareholders. Tenant/shareholder related income is often referred to as "good income." Income from other sources (commercial rent, interest income, etc.) are referred to as "bad income." The code was established to give urban dwellers the same rights as suburban homeowners. However, the regulation can become a problem for buildings that include rental space such as commercial store fronts. Any increase in "bad" income must be offset by a larger amount of "good" income.
Failure to maintain the 80/20 balance can result in the co-op losing its tax status for the year. As a result individual shareholders will not be able to deduct mortgage interest and property taxes. Any owners who were to sell an apartment during the year would be unable to take advantage of the exclusion from capital gains benefit, in which the first $500,000 of a home sale is tax exempt.
When "bad" income rises, a building can always raise "good" income by increasing maintenance fees. However, this is usually a very unpopular option. So the Board of Directors needs to prepare a realistic budget and continue to monitor income throughout the year so that actions can be taken to avoid a potential code violation.
There are a number of strategies that can be used to tip the scales in favor of "good income." Some of them can be quite simple. Others are extremely technical and require substantial legal and accounting expertise. Sub metering of utilities is one way of increasing good income and often has the added benefit of resulting in a discount to the end user. However, the cost of installing such meters is, extremely high. Similar master systems can be used for internet service, cable television and garage space.
Direct payment of brokerage commissions by the retail tenants, coupled with store tenants paying for their own capital improvements can have the effect of reducing the commercial income without reducing the benefit to the building. Other more drastic measures may involve a "master lease" or creating a subsidiary corporation to truncate the cash flow to be derived from the commercial space.
A: All shareholders qualify for one or more of the following tax abatement programs offered by New York City and New York State. To be sure you are taking advantage of all the programs for which you qualify, check your monthly maintenance bills during the first six months of the year or call Mitch Unger at The Lovett Company, 718-445-9500.
A: First, immediately open all windows in the apartment. This will allow the apartment to be fully ventilated and any actual gas buildup can escape. Next, report the incident to the front desk, and they will decide what further steps may be required, including notification to the NYFD if it is determined that an actual CO leak has occurred. (Keep in mind that there have been reports of defective devices triggering false alarms).
A: The recent (August 2003) amendment to the proprietary lease, stipulates all shareholders must have insurance coverage for at least the following amounts:
All insurance policies must name "200 East 16th Street Housing Incorporated" as additional insured. The Board and The Lovett Company, LLC have arranged with the insurance broker for the Co-op to offer the required insurance at a cost of approximately $129 per year. If you are interested in obtaining this policy contact Steven Principe at 516-221-2599 for complete details.
If you chose to use a different carrier, please make sure that your policy meets these new requirements.
A: First, your buyer must fill out a purchase application form. And once the application is fully completed, your purchaser sends seven copies (plus the original application) to the managing agent. The final step is an interview with the board of directors, which must be scheduled via the Managing Agent.
Purchasing Form (PDF, 88KB)
A: Yes, there is a bike room. The fee is $125/year. There are currently spaces available. The Bike Room Application/Agreement can be downloaded from the Document Library.
A: Yes, and it's 3%.
A: No.