Transcript Application Review

WTI
Westview Taskforce, Inc.
Tenant’s Meeting
March 8, 2006
“The Future is in Our Hands”
Welcome
 Welcome Westview Tenants
 Exciting Times, Major Accomplishments
 Formula For Success
 Key Objective’s for Tonight’s Meeting





Ratification of the “By-Laws Of Westview Taskforce, Inc”
Communicate Westview Privatization Progress
Meet the Westview Legal Team
Address Tenant Questions
We Have to be Out of Here By 10 PM!
 Meeting Policies
 Stick to the Agenda
 Address All Tenant Questions Aligned with the Agenda
•
•
Q& A Session’s – By-Laws, Legal, Post Meeting
After the meeting Taskforce members will remain to answer any questions
 Show Respect to Those Who Have the Floor
•
•
Taskforce Members and Tenants
Keep Discussions Constructive
WTI Tenants Meeting March 8, 2006
3
Agenda
 Sign In 7:30 – 8:00 PM
Tenants
 Ratification of Westview By-Laws
M. Katz
 Westview Taskforce Introduction
O. Pail
Privatization Update
O. Pail, J. Marfey
 Fundraising
I. Stanton
 Meet the Legal Team
 Introducing Carol Ule, Esq. and Jack Rose, Esq.
 WTI How Can You Help?
F. Santella
 Meeting Close
F. Santella
WTI Tenants Meeting March 8, 2006
4
Ratification Of By-laws
 Ratification of Westview By-Laws
 The Taskforce Has Spent A Significant Amount of Time Drafting the By-laws
 Tonight’s Objectives are to Address Any Questions You Have regarding the Bylaws and Vote on the By-Laws As They Stand
 Vote Will Be Conducted at 8:00 PM Sharp!
WTI Tenants Meeting March 8, 2006
5
Westview Taskforce Introduction
Here are your Taskforce Members
Co-Chairs
Opher Pail
Johan Marfey
Secretary
Laurence Brodsky
Real Estate Advisors
Natalia Chin
Dimitri Gavrilev
Treasurer
Teri Sheridan
Finance Advisor
Ivens Stanton
Engineering Director
Sanja Zlatanic
Political Liaison
Dierdre Breslin
Legal Liaison
Philip Groner
Maintenance Director
Dejan Kovacevic
Event Coordinator
Fay Christian
WTI Tenants Meeting March 8, 2006
Production Team
Sainjargal EnhSaihan
Alima Amarsaihan
Architecture Consultant
Tad Sudol
RI Advisory Board
Matthew Katz
Sherie Helstein
Members
Petra Kaizer
Zakie Wazani
Jember Asfaw Zewdie
Nicholas Ghattas
Felix Santella
Nirmala Narine
Anya Wiecek
6
Westview Taskforce – Major Accomplishments 2000 – 2005
16
14
YEAR 2000
 Blocked 31% Rent Hike Application
•
Rent increase was reduced to 4% annually over 2 years
12
10
APPLIED
ACTUAL
8
6
4
2
0
Year 1
Year 2
6
YEAR 2003
 Blocked 11% rent Hike Application
•
Rent increase was reduced to 2% annually over 2 years
 Tenant Apartment Condition Survey Conducted
•
Detailed Conditions Are Alarming!
5
4
APPLIED
ACTUAL
3
2
1
0
Year 1
Year 2
YEAR 2005
 Blocked Unilateral M-L Dissolution
 Blocked Ground Lease Extension
 Created Affordable opportunities to Own and Rent
WTI Tenants Meeting March 8, 2006
7
Westview Taskforce – Major Accomplishments 2006
A letter from Charles Lucido to
RIOC stating that the Owners are
negotiating “In Earnest” with the
Taskforce so that the tenants can
own their apartments and maintain
affordable housing on the Island.
NORTH TOWN PHASE III ASSOCIATES, L.P.
c/o CHARLES A. LUCIDO, ESQ.
P.O. BOX 673
GENEVA, NY 14456-0673
315-789-2081
FAX-781-2814
March 3, 2006
Kenneth A. Leitner, Esq.
VP & General Counsel
RIOC
591 Main Street
Roosevelt Island, NY 10044
RE:
Westview Task Force
Dear Mr. Leitner:
As you may know, the Westview Task Force ("WTF") represents the tenants of the Westview
apartments located at 595 and 625 Main Street. WTF is interested in the tenants purchasing the
buildings from North Town Phase III Houses, Inc., as a tenant sponsored cooperative, in order
that the tenants can own their apartments and maintain affordable housing on the Island.
An important consideration in their progress towards this goal is RIOC's position concerning the
extension of the ground lease. We confirm that our negotiations with WTF are in earnest and
consent to its meeting with RIOC for this purpose.
Please accept my apology for the delay in responding to RIOC's request for the past due legal
reimbursements incurred by Sheldrake, and for future legal costs. I will be out of the country next
week. When I return I will contact you and Jay Neveloff to reach an agreement on these matters.
Very truly yours,
Charles A. Lucido
President
Westview Houses, Inc.
Managing General Partner
CC:
Gerald Goldstein, Esq.
Jay Neveloff, Esq.
Jacques Rose, Esq.
.
WTI Tenants Meeting March 8, 2006
8
Westview Building Snapshot
Westview 595/625 Main Street
Rental Income
$ 6.5 M annually
WTI Tenants Meeting March 8, 2006
13
97
167
84
361
Studio Apartments
One Bedroom Apartments
Two Bedroom Apartments
Three Bedroom Apartments
Total Apartments
9
Current Building Expense Structure
– What You Rent Covers!
Average Monthly Rent Per Apartment = $ 1,500
100%
Interest/Mortgage 22% - $ 330
Miscellaneous Expense 8% - $ 120
Ground Lease Rent 1 % - $ 15
Real Estate Taxes 8.5 % - $ 128
50%
Maintenance 60.5 % - $ 900
WTI Tenants Meeting March 8, 2006
10
Westview Building – 2003 Apartment Condition Survey
- Engineers Estimate $8 - $10M in Immediate Repairs
90% of All Apartments Reported…
Problem Categories:
 Floors/Walls/Ceiling
 Intercom
 Windows/Doors
 Faucets/Piping/Leaks
 Air Conditioners
 Kitchen Appliances
 Quality of Water
 Kitchen Cabinets
 Heating
 Electrical/Lighting
 Locks/Knobs
 Closets
40%
28%
32%
32%
27%
23%
21%
19%
16%
13%
11%
9%
 Other (Ventilation, Plumbing, etc.)
34%
WTI Tenants Meeting March 8, 2006
Repaired
11
Meet the Legal Team
 Meet the legal Team from Hartman, Ule, Rose & Ratner, LLC
 Successfully Supported the Successful West Village Apartments, Tenants
Sponsored Mitchell – Lama Privatization
 Welcome…
Carol Ule, Esq.
Jack Rose, Esq.
WTI Tenants Meeting March 8, 2006
12
Fundraising
 Fundraising
 Past Tenant Contributions Been the Key to Our Success To-Date!
 Your Contributions Are Considered Investments
 We Estimate Today that the Total Expense to Privatization Will be Approximately…
• $300,000
 This Will Require Each Apartment to Invest One months Rent
•
•
50% NOW
50 in the Summer
 A Fundraising Packet Will be Distributed to All Tenants in the Next Week
WTI Tenants Meeting March 8, 2006
13
WTI – How Can You Help?
 WTI Opportunities
 We Need Your Continued Commitment and Participation in all Privatization
Activities
 We Build Strength in Unity and Numbers
•
The Bigger and Stronger the Taskforce the More Support and Attention Owners,
Politicians, State and City Agencies, the Press, Financier’s, etc. Will Pay Us
 Specific Skills We Need ASAP
•
CFO (CPA preferred)
 Please fill out the index cards provided with skills or expertise you are interested in
contributing to the Taskforce efforts
WTI Tenants Meeting March 8, 2006
14
Meeting Close
 Meeting Close
 Taskforce Members are Available to Address any Questions
 Thank You, Good Night and Good Luck!
WTI Tenants Meeting March 8, 2006
15