Garden 75 Owners Corp 35-38 75th Street
Jackson Heights, NY 11372

February 2, 2023

All Shareholders: Garden 75 Owners Corp 35-38 75th Street
Jackson Heights, NY 11372

Dear Shareholders:

We hope you continue to stay safe and healthy in these trying times. This has certainly been a very difficult year.

The Board of Directors has recently finalized and approved our budget for the coming year. After careful review of our anticipated operating costs, I have to inform you that a monthly maintenance increase of 5% which will go on the books retroactively as of January 1, 2023.

Please be assured that your Board of Directors and Argo Real Estate LLC (our management company) continue to be mindful of our operating costs. Our fixed expenses such as mortgage payments, real estate taxes, insurance, payroll, management fees and utilities consume up to 90% of our budget, thus we cannot reduce these costs. In addition, due to the ever-increasing local laws that require buildings to follow so many compliance regulations, the costs incurred to adhere to these laws are unavoidable. After much heart-searching we agreed to limit the maintenance increase this year to 5%.

Please contact Michael Berkowitz, our Property Manager, at 212-896-8600 or MichaelB@argo.com, if you have any questions or concerns.

Sincerely,

Board of Directors