Spring 2024 Newsletter
We trust this message finds you in good spirits and health. It has been a while since our last communication in the form of a newsletter, and we are delighted to reconnect with you in this format. As stewards of our cooperative, we recognize the importance of transparent and regular communication, and we pledge to make newsletters a more frequent occurrence to keep you informed about the happenings within our community. As we move forward, we pledge to keep you updated more regularly through newsletters like this one. Your feedback and suggestions are always welcome as we strive to foster a transparent and engaged community. Thank you for your attention, understanding, and ongoing commitment to our cooperative.
Warm regards,
Gardens 75th St Coop Board
Why the Increase in Maintenance Fees?
The decision to raise maintenance fees at a higher than usual rate was not made lightly. It was necessitated by a confluence of factors driving up our day-to-day operational expenses. Significant increases in energy prices, insurance premiums (which spiked by 40%), and local law compliance requirements for property projects have all contributed to this decision. Moreover, property taxes, which constitute a substantial portion of the city's revenue, have surged, further adding to our financial responsibilities. Increases in sewage and water rates by 5% and 8% respectively, alongside rising staffing payroll, repair and maintenance costs, and supply expenses, have collectively exerted considerable upward pressure on our operational budget.
Understanding the Sublet Fee Increase
In addition to the maintenance fee adjustment, we have also revisited the subletting fee structure. It's worth noting that there hasn't been an increase in sublet fees for over two decades. After careful consideration and in recognition of evolving market conditions, a decision was reached to implement a sublet fee increase, effective May 1, 2024.
The new sublet fee structure will include the following:
20% increase in the first year
25% in the second year
30% in the third year, calculated as a percentage.
While fee increases are never easy to digest, it's important to recognize that they are not arbitrary decisions but responses to the ever-changing economic landscape and our commitment to maintaining the integrity and sustainability of our cooperative. By investing in these fee adjustments, we are securing a stronger financial footing for our community, ensuring that we can continue to provide the high-quality living standards and services that our shareholders deserve. Your understanding and support in this matter are greatly appreciated as we navigate these necessary steps towards a brighter future for our cooperative.
Wrapping Up: FACADE inspection
Facade inspection and repair is wrapping up. This necessary Local Law 11 brick work and construction was an arduous process, but one we feel has significantly improved the quality of our building’s exterior.
Coming Up: Garage Repairs
Once the facade work is complete, we will begin the process of internal repairs as well as a garage update. Stay tuned for updates.