December, 2011

This issue of The Voice of The Vermeer is also available in PDF format
by clicking on the December 2011 link in the lower left hand column of this page
under Current and Previous Newsletters.

CO-OP MORTGAGE REFINANCED

The Vermeer Board, taking advantage of historically low interest rates, closed on a new mortgage loan with New York Community Bank on November 30, 2011. The previous $14 million interest only loan was due to expire in 2014.

The new $16 million ten-year loan has a reduced interest rate of 4.35% and a reduced monthly mortgage payment. The increased loan netted the building $1.4 million that will help maintain a healthy reserve account while we pay for new windows. In addition, the increased loan covered required refinancing fees and a prepayment penalty on the old loan, for which shareholders will receive an extra tax deduction for 2011.

An unusual provision of the new loan, which is also interest only, will enable the building to reduce the underlying debt by allowing for an annual pay down each year of up to 10% of the loan without penalty.

Further details are included in the annual budget letter that has been distributed to all shareholders.

MAINTENANCE INCREASE

The Board has approved a 3 % increase in maintenance for 2012. The increase is needed to meet increased costs, including real estate taxes, payroll, repairs to aging infrastructure and utilities (that would have been greater without the co-op’s energy saving measures.) The budget continues to apply commercial income surplus to our reserve fund that will enable us to pay for our window project without assessments and to contribute to an annual pay down on our new loan. We are told most other co-ops have adopted increases ranging from 4 to 10%.

SOME SEASONAL REMINDERS

Only use fireproof decorations: It is a violation of Fire Department regulations to display live and/or non-fireproofed holiday decorations such as wreaths on apartment doors.

When you’re ready to dispose of your tree call the front desk: Ask the building staff to wrap your tree and remove it from your apartment. Do not leave any trees or wreathes in the trash rooms or basement.

Parties: Shareholders giving parties are asked to leave a list of their guests with door staff to facilitate their entry and our security.

CITY COOP/CONDO ABATEMENT THREATENED

Draft letters urging elected officials to support renewal of the New York City Co-op and Condo tax abatement program have been distributed to Vermeer shareholders. Unless renewed, this program aimed at partially making up for the disparity between property tax rates on single family homes and co-op and condo apartments will expire at the end of June, 2012 and could result in an additional maintenance increase of 10%. Please leave your signed copies at the front desk. Additional copies are available at the front desk as well.

DUANE READE EXECUTIVES PROMISE BETTER PHARMACY SERVICE

Duane Reade executives, at a meeting with the Vermeer Board, explained that adjusting to a Walgreens's computer system and a new supplier were responsible for delays some customers experienced this fall. Once the transition is complete, they said no prescriptions should take longer than 24 hours to fill unless there is a nationwide shortage; they also promised to make sure pharmacy staff follow store policy to call other branches for items not available in this store. They cautioned however that during the transition, year-end reports requested by customers could be delayed.

TIME WARNER RENEWAL

The Vermeer has renewed its bulk billing agreement with Time Warner Cable for three years, beginning January 1, 2012. As a result basic cable rates for building subscribers will be reduced from $69.54/month to $63.16/month; standard Road Runner service and digital home phone service will be $29.95 each; all rates subject to taxes and fees. The "a la carte "retail rates for these services would be $94 for basic cable, $49.95 for standard Road Runner service, and $39.95 for the phone service. The bills will continue to be sent directly to subscribers.

SMOKING SURVEY DUE DEC. 15

Shareholders are urged to complete the survey on a proposed house rule banning smoking in apartments purchased by new shareholders. The issue is controversial. Some say that they are at their "wits end" trying to escape neighbor's smoke. Others say a no smoking regulation for new owners would be carrying "paternalism over the top." Shareholders can express their opinion either by turning in the survey to the front desk (which has extra copies) or voting on the Buildinglink web site on line.

CITY DROPS CHELSEA/VILLAGE SCHOOL
REZONING PLAN

The Department of Education has abandoned plans to rezone the elementary schools in Chelsea and Greenwich Village next year, according to Schoolbook, the website jointly run by the New York Times and WNYC.

Children from the Vermeer entering school in the fall of 2012 will continue to have a choice between two village schools PS 41 and PS 3.

Parent representatives rejected two plans which included sending new public school students from the Vermeer to schools in Chelsea. However the Department of Education is expected to propose new plans to rezone the elementary schools in lower Manhattan in coming years.

NEW SHAREHOLDERS

6S Cynthia Achar
10A-Deborah Draving

VERMEER BOARD

President Jean Lerman
Vice President Alan Vengersky
Secretary Margot Algase Sklar
Treasurer Kailah Matyas
Board Members Andrew Blatt, Nina Leto Mayleas,
Michael Moro, Fran Nesi, Edie Smith

COMMITTEE CHAIRS AND CO-CHAIRS
Building Operations - Fran Nesi
Green Sub-Committee – Fran Nesi, Jean Lerman, Edie Smith, Margot Sklar, Andrew Blatt
Web Sub-Committee – Fran Nesi, Jean Lerman, Kailah Matyas, Nina Mayleas
Companion Animal Committee - Fran Nesi & Kailah Matyas
Commercial Operations - Jean Lerman, Alan Vengersky, Kailah Matyas, Andrew Blatt
Community Relations - Kailah Matyas ,Nina Mayleas, Fran Nesi, Margot Sklar, Edie Smith
Events--Michael Moro
Family Committee--Kailah Matyas
Finance Committee--Jean Lerman, Kailah Matyas, Fran Nesi, Alan Vengersky
Housing Applications & Interviews - Alan Vengersky & Kailah Matyas
Newsletter - Edie Smith
Roof/Landscape/Lobby Projects - Michael Moro
Senior Committee-- Nina Mayleas
Window Project – Andrew Blatt

ORSID MANAGEMENT
Account Executive
John Devall
212-484-3760
jdevall @orsidr.com

Executive Vice President
Laura Krasner
212-484-3747
lkrasner@orsidr.com

Administrative Asst
Maria Doti
212-484-3762
mdoti@orsidr.com

Transfers/Re-financing
Donika Dodaj
212-484-3757
donikad@orsidr.com

Alterations Administrator
Donika Dodaj
212-484-3757
donikad@orsidr.com

Accts. Receivable
Phyllis Kelminson
212-484-3745
Phyllisk@orsidr.com

Superintendent/Resident Manager
Larry Kirby
212-929-0646 (Front Desk)

www.theVermeer.com (for documents)

www.Buildinglink.com (look for memo giving
individual usernames and passwords)

www.orsidr.com (follow prompts for “Make a
Payment on Line”; usernames and passwords
are on monthly maintenance statements.)