- Community room renovation cost was $8,500 more than original quote of $73,000 — the additional money was used for new chairs, tables, and window treatments.
- The coop has refinanced its underlying mortgage of $23.5 million with an interest rate reduction from 4% to 3.5%. The new financing allows for a $5 million line of credit that the newsletter says “serves as a reserve fund.”
- Looks like that reserve fund will come in handy, as laundry room / sewer reconstruction costs are adding up. Building 4 cost a total of $283,700. Building 2 was higher, at $469,500. (Building 3 is set to start Monday, and building 1 will be next.)
Board of directors’ newsletter hints at financial situation
The board of directors distributed their second newsletter of the year today. Among the highlights: