The following is a reproduction of a memo dated 8 January 2025, distributed by management to all shareholders [PDF version].

Dear Shareholders,

During the December meeting, the Board finalized the 2025 budget. Last year two assessments were announced for the elevator replacement project (ending 1/2031) and façade repairs (ending 1/2025). The facade work will be completed in the next few months, and the elevator replacements will start in 2025 with 31 Nagle, followed by the other two in 2026 and 2027. There are no new capital assessments. However, there is a 4% increase in maintenance starting February 1, 2025, to offset operating costs.

Following the large increase the year prior to balance the budget, the increase this year is to account for uncontrollable costs related to the employee union contract increases, RE tax increases and most importantly the rising cost of building insurance. Insurance premiums across all of NYC are on the rise even with minimal insurance claims over the last 10 years in the building. Carriers are not providing coverage the same as in past years due to wind and water events in the North East. The insurance broker is working to minimize the renewal in the summer but we are anticipating double digit increases.

Please also note that residents using the parking garage will see an increase in their monthly parking from $200 to $250 in February. This is the first increase in over a decade but is still more than 50% less than if you were a regular monthly parker in the garage. Please keep in mind the garage is operated by a private company and not by the coop directly.

Sincerely,

The Board of Directors

The following is a reproduction of a memo dated 20 December 2019, distributed by management to all shareholders.

Dear Shareholders,

During the December meeting, the Board finalized the 2020 budget. In the first quarter of 2020, thanks to favorable interest rates, the Board will refinance the remaining balance on our mortgage and our line of credit into a new 15-year mortgage. This new mortgage will allow us additional funds for future capital improvements, while maintaining a sufficient reserve, and saving the co-op at least $50,000 in annual operating expenses.

The new reserve funds from refinancing our mortgage allows us to eliminate the 10% capital assessment of maintenance effective January 2020. While we will have an increase in our maintenance to cover our 2020 operating expenses, by eliminating the capital assessment, you will see a savings of $0.35 per share on your monthly costs. The Board is excited to be able to offer this reduction in overall shareholder costs while still being fiscally responsible going forward.

The mandatory modification to our elevator system at a cost of $78,000 is incorporated within the 2020 budget. This cost is fully accounted for within our operating expenses and will not require a special assessment to the shareholders. Going forward, part of the funds obtained through our new mortgage will be earmarked for a new boiler, and the Board will be exploring options shortly.

To ensure the continued financial fitness of our co-op and to prevent the need for future assessments, the Board is considering a change to our proprietary lease, subject to approval by two-thirds of shareholders at our annual meeting, to institute a flip tax. The exact terms haven’t been decided, but we plan to explore different options, including instituting the tax on the buyer. Flip taxes are commonly used by other co-ops in the neighborhood to bolster their capital funds. We hope that you will attend our next board meeting or reach out to a Board member to express your opinion on this issue.

Sincerely,
Nagle Apartments Corp. Board of Directors

The following is a reproduction of a memo sent on 14 January 2019 to all shareholders by our co-op’s certified public accountants: Prisand, Mellina, Unterlack & Co., LLP. View/download the scanned memo (PDF, 55KB).

To: Shareholders of Nagle Apartments Corp.

Re: Personal income tax return data for 2018

Dear Shareholders:

Under the provisions of Section 216 of the Internal Revenue Code, a tenant stockholder of a Cooperative apartment is entitled to deduct from personal gross income a proportionate share of interest and real estate tax paid or incurred by the Cooperative Corporation.

For the year 2018 your per share individual income tax deductions are as follows:

Mortgage interest     $10.21 per share

Real estate tax     $24.54 per share

These deductions are available only if you itemize deductions in your individual income tax returns and may be limited.

For the year 2018, if you were granted any real estate tax abatements, reflected in a maintenance credit or received by check, your real estate tax deduction as stated above should be reduced by the amount of the abatements you received.

In order to compute your total deductions for 2018, multiply the number of shares owned by you, as indicated on your stock certificate, by the amounts per share stated above. If you became a stockholder, or sold your stock in the Corporation during 2018, you are permitted to deduct a fractional part of the figures, based on the proportionate part of the year you owned the stock.

Contributed capital in 2018 was $14.92 per share for mortgage amortization and $8.30 per share for capital assessment. This is not a deduction, but an increase in the basis of your investment.

Should you have any questions regarding the application of the aforementioned information to your individual income tax returns, please consult your personal tax advisor.

PRISAND, MELLINA, UNTERLACK & CO., LLP
Certified Public Accountants

The following is a reproduction of a memo dated 21 December 2018, distributed by management to all shareholders.

Dear Shareholders,

During our December meeting, the Board set the budget for the 2019 fiscal year. Due to the fiscal responsibility of the Boards over the past several years, we are proud to announce that this year we will only have an increase of 1.25%, and the capital assessment of maintenance will maintain at 10%. This is the lowest overall increase implemented in the last 9 years.

This modest increase ensures that we will have sufficient cash on hand to fund all co-op operations while having additional funds in case of an emergency. The capital assessment will allow us to fund needed improvements in both the short and long term, while also assuring lenders that our co-op’s finances are sound.

The Board understands that any increase can greatly affect our shareholders, and we do not take that fact lightly. Operating expenses increase incrementally year over year due to inflation, and we have many fixed costs that we cannot control. With the little discretionary funds we have to work with, we try to set up projects that improve our wonderful co-op and make it a great place to live, like our playground last year.

In order to improve security for the building and to address our aging intercoms that require more maintenance every year, included in this budget is a plan to upgrade the intercom system for all the buildings. More information will follow in the upcoming year as plans start to form.

Sincerely,
Nagle Apartments Corp. Board of Directors

The following is a reproduction of a memo sent on 12 January 2018 to all shareholders by our co-op’s certified public accountants: Prisand, Mellina, Unterlack & Co., LLP. View/download the scanned memo (PDF, 26KB).

To: Shareholders of Nagle Apartments Corp.

Re: Personal income tax return data for 2017

Dear Shareholders:

Under the provisions of Section 216 of the Internal Revenue Code, a tenant stockholder of a Cooperative apartment is entitled to deduct from personal gross income a proportionate share of interest and real estate tax paid or incurred by the Cooperative Corporation. Note that these deductions are generally available if the taxpayer itemizes tax deductions.

For the year 2017 your per share individual income tax deductions are as follows:

Mortgage interest     $9.74 per share

Real estate tax     $22.81 per share

For the year 2017, if you were granted any real estate tax abatements, reflected in a maintenance credit or received by check, your real estate tax deduction as stated above should be reduced by the amount of the abatements you received.

In order to compute your total deductions for 2017, multiply the number of shares owned by you, as indicated on your stock certificate, by the amounts per share stated above. If you became a stockholder, or sold your stock in the Corporation during 2017, you are permitted to deduct a fractional part of the figures, based on the proportionate part of the year you owned the stock.

Contributed capital in 2017 was $18.98 per share for mortgage amortization and $8.00 per share for capital assessment. This is not a deduction, but an increase in the basis of your investment.

Should you have any questions regarding the application of the aforementioned information to your individual income tax returns, please consult your personal tax advisor.

PRISAND, MELLINA, UNTERLACK & CO., LLP
Certified Public Accountants

The following is a reproduction of a memo dated 20 December 2017, distributed by management to all shareholders. View/download PDF of the scanned memo.

Dear Shareowners,

2017 yearly recap and look forward to 2018

2017 was a quieter year in terms of large projects after having done the building roofs, garage roof deck, and garage interior over the previous 4 years. In 2018 the focus will be on the lower courtyard and developing plans for a remodel of that space as well as looking into renewable energy sources, particularly Solar Power.

2018 budget and maintenance

In order to deal with anticipated increased costs in insurance, real estate taxes and other operating costs, the Board of Directors has voted to increase maintenance costs by 2.5%. Real Estate tax increases is the largest factor considered. The corporation fights the assessed value every year but it remains the single largest uncontrollable operating expense.

In addition, the current capital assessment will continue as 10% of the monthly maintenance. This makes the total increase of 2.75% total cost per shareholder for the year 2018.

The assessment continues our goal of 10% to meet federal banking regulations. Those regulations require us to maintain at least 10% of total maintenance as part of our reserve funds for capital expenditures. So as not to overly burden our shareholders, we have consciously kept our maintenance increases small and gradually built to this 10% goal over the last few years in order to meet these regulations. The 10% assessment is not temporary, it is an important part of permanent prudent financial planning for the coop and assists us in funding necessary capital projects such as the courtyard.

The Board of Directors, the staff and management wants to wish each of you a fantastic holiday season and a safe, healthy and prosperous 2018!

The following is a reproduction of a memo sent on 11 January 2017 to all shareholders by our co-op’s certified public accountants: Prisand, Mellina, Unterlack & Co., LLP. View/download the scanned memo (PDF, 223KB).

To: Shareholders of Nagle Apartments Corp.

Re: Personal income tax return data for 2016

Dear Shareholders:

Under the provisions of Section 216 of the Internal Revenue Code, a tenant stockholder of a Cooperative apartment is entitled to deduct from personal gross income a proportionate share of interest and real estate tax paid or incurred by the Cooperative Corporation. Note that these deductions are generally available if the taxpayer itemizes tax deductions.

For the year 2016 your per share individual income tax deductions are as follows:

Mortgage interest     $10.2220 per share

Real estate tax     $21.2860 per share

For the year 2016, if you were granted any real estate tax abatements, reflected in a maintenance credit or received by check, your real estate tax deduction as stated above should be reduced by the amount of the abatements you received.

In order to compute your total deductions for 2016, multiply the number of shares owned by you, as indicated on your stock certificate, by the amounts per share stated above. If you became a stockholder, or sold your stock in the Corporation during 2016, you are permitted to deduct a fractional part of the figures, based on the proportionate part of the year you owned the stock.

Contributed capital in 2016 was $18.0580 per share for mortgage amortization and $7.9368 per share for capital assessment. This is not a deduction, but an increase in the basis of your investment.

Should you have any questions regarding the application of the aforementioned information to your individual income tax returns, please consult your personal tax advisor.

PRISAND, MELLINA, UNTERLACK & CO., LLP
Certified Public Accountants

The following is a reproduction of a memo dated 20 December 2016, distributed by management to all shareholders.

Dear Shareowners,

2016 yearly recap and look forward to 2017

In 2016 we completed the garage roof deck with the landscape designer we selected, Christian Duvenois. We are all very excited about our wonderful new space! The gym was also redesigned with new equipment in the past year.

2017 budget and maintenance

In order to deal with anticipated increased costs in insurance, real estate taxes and other operating costs, the Board of Directors has voted to increase maintenance costs by a modest 2%.

In addition, the current capital assessment will continue as 10% of the monthly maintenance. This makes the total increase of 2.2% total cost per shareholder for the year 2017.

The assessment continues our goal of 10% to meet Federal Banking Regulations. Those regulations require us to maintain at least 10% of total maintenance as part of our reserve funds for capital expenditures. So as not to overly burden our shareholders, we have consciously kept our maintenance increases small and gradually built to this 10% goal over the last few years in order to meet these regulations. The 10% assessment is not temporary, it is an important part of permanent prudent financial planning for the coop and assists us in funding necessary capital projects such as the windows, repairs in the garage and pending improvements to the roof.

The Board of Directors, the staff and Management wants to wish each of you a fantastic holiday season and a safe, healthy and prosperous 2017!

The following is a reproduction of a memo sent on 11 January 2016 to all shareholders by our co-op’s certified public accountants: Prisand, Mellina, Unterlack & Co., LLP. View/download the scanned memo (PDF, 49KB).

To: Shareholders of Nagle Apartments Corp.

Re: Personal income tax return data for 2015

Dear Shareholders:

Under the provisions of Section 216 of the Internal Revenue Code, a tenant stockholder of a Cooperative apartment is entitled to deduct from personal gross income a proportionate share of interest and real estate tax paid or incurred by the Cooperative Corporation. Note that these deductions are generally available if the taxpayer itemizes tax deductions.

For the year 2015 your per share individual income tax deductions are as follows:

Mortgage interest     $11.3574 per share

Real estate tax     $23.0017 per share

For the year 2015, if you were granted any real estate tax abatements, reflected in a maintenance credit or received by check, your real estate tax deduction as stated above should be reduced by the amount of the abatements you received.

In order to compute your total deductions for 2015, multiply the number of shares owned by you, as indicated on your stock certificate, by the amounts per share stated above. If you became a stockholder, or sold your stock in the Corporation during 2015, you are permitted to deduct a fractional part of the figures, based on the proportionate part of the year you owned the stock.

Contributed capital in 2015 was $24.1810 per share for mortgage amortization and $6.2880 per share for capital assessment. This is not a deduction, but an increase in the basis of your investment.

Should you have any questions regarding the application of the aforementioned information to your individual income tax returns, please consult your personal tax advisor.

PRISAND, MELLINA, UNTERLACK & CO., LLP
Certified Public Accountants

The following is a reproduction of a memo dated 18 December 2015, distributed by management to all shareholders. View/download the PDF version (301KB).

In 2015 we completed the garage roof and large-scale construction in the garage, where all small items should be completed shortly. Our garage vendor, Nagle Garage Inc., commenced services in October 2015, bringing us again that much needed revenue.

Early in 2016, the landscape designer we selected, Christian Duvenois, will begin the design work on the garage roof with an expected completion date just prior to Memorial Day weekend. We are all very excited about our wonderful new space!

In addition, the gym will be refurbished with new equipment, paint, etc., in the first quarter of 2016.

We are now in negotiations with the new medical office owner in 37 Nagle for the installation of a handicap ramp to the entrance of 37 Nagle.

2016 budget and maintenance

In order to deal with anticipated increased costs in insurance, real estate taxes and other operating costs, the Board of Directors has voted to increase maintenance costs by a modest 1 percent.

In addition, our current assessment will increase by an additional 2 percent, for a combined increase of just under 3 percent total cost per shareholder for the year 2016.

We have now reached our goal of 10 percent for the assessment and, barring unforeseen circumstances, it will remain at this level going forward. Federal Banking Regulations require us to maintain at least 10 percent of total maintenance as part of our reserve funds for capital expenditures. So as not to overly burden our shareholders, we have consciously kept our maintenance increases small and gradually built to this 10-percent goal over the last few years in order to meet these regulations.

The 10 percent assessment is not temporary; it is an important part of permanent prudent financial planning for the coop and assists us in funding necessary capital projects such as the windows, repairs in the garage and pending improvements to the roof.

The Board of Directors, the staff and management wants to wish each of you a fantastic holiday season and a safe, healthy and prosperous 2016!