C RY D E R
P O I N T
SEPTEMBER 7
Elevator Update: September 2019
WWW.QNS.COM | SEPTEMBER 2019 | CRYDER POINT COURIER 7
By now all residents have been informed
of the Elevator Assessment. For
your convenience, following is a recap of
the shareholder meeting held in August
as well as an update on what’s happened
since then and some frequently asked
questions that have been received so far.
Periodic updates will be published as
needed throughout the coming months.
RECAP
New York City has mandated that all elevator
buildings within the five boroughs
meet new requirements by 2027. This
project is not optional.
• Cryder Point will be undergoing
this upgrade in the fall of 2020
after determining that delaying
the work further would result in
higher material, labor and ancillary
costs.
• After reviewing multiple bids, our
current vendor, Century, will be
conducting the work.
• In order to avoid additional costs
of financing, a one-year assessment
will begin in October, 2019.
• Total funds needed by the project’s
completion in the fall of 2020 are
$1.3 million. This includes:
◉ All materials, labor, allowance
for new elevator cars
and accelerated project timeline
($1.1M)
◉ Additional funds for elevator
car enhancements ($50K)
◉ Additional for staff overtime
who will be assisting residents
($50k)
◉ Contingency funds ($90K)
UPDATE
• Since the shareholder meeting last
month, the contract for the work
has been signed off on by both parties
(Century Elevator and CPOC).
The contract was fully reviewed
and approved by CPOC’s attorney
to ensure the corporation’s protection
in the event of project delays
or any other potential problems.
• A meeting of members of the
Board and Century representatives
has been scheduled for early
September to lock in start and end
dates for the project. No work will
begin until September 2020, and
specific dates will be communicated
once they are set.
• Members of the board will also
meet with Century regarding the
materials and design for the new
elevator cabs; at press time, that
meeting has not yet been scheduled
but we expect it to take place
sometime in September.
FAQ’S
Below are questions about the project
that have been received so far. Please submit
your questions to board@cryderpoint.com.
The board will respond as soon as possible
and answers will be published here for the
community to read.
HOW ARE THE 25%
AND INSTALLMENTS
TO BE PAID?
Shareholders may pay the full assessment
by September 10, 2019.
Alternatively, shareholders can choose
to pay over time and your October maintenance
bill will include 25% of your total
assessment due. Beginning in November,
2019, the first of 12 monthly installments
will appear on maintenance bills through
October 2020, at which time the assessment
will end.
IS THERE A DISCOUNT
FOR SHAREHOLDERS
WHO PAY THE FULL
ASSESSMENT UP
FRONT?
No. Every shareholder is paying the
same per-share amount. Whether a shareholder
chooses to pay their entire assessment
upfront or pay over time is their
choice. The goal is to collect all monies
due by the end of the project in the fall
of 2020.
WHY ARE WE
COLLECTING 25%
NOW IF THE WORK
DOESN’T BEGIN UNTIL
SEPTEMBER 2020?
There are upfront costs such as permits
that must be filed and materials and project
planning that require deposits. There
is also a deposit due to Century when the
contract is executed.
HOW DID THE BOARD
ASSIGN THESE COSTS
TO SHAREHOLDERS?
As with all financial assessments or
maintenance increases, the total estimated
cost is divided by the total number of
shares in the corporation and then multiplied
by the number of shares each shareholders
holds. This is the legally required
business practice for cooperatives in NYS.
IS THE ASSESSMENT
TAX DEDUCTIBLE?
The assessment is not tax deductible on
an individual’s annual tax return. However,
since this is a capital improvement,
a shareholder’s assessment can be classified
as such at the time of sale. Residents
are advised to speak to their accountant
or financial professional for more information.
HOW LONG WILL THE
ELEVATORS BE OUT
OF SERVICE?
Each elevator will be out for 5 weeks.
The Board voted to pay a premium for
expedited completion; typically this work
takes 7 weeks. The plan is to do this in two
phases; for example, the rear elevator of
each building at the same time and then
the front elevator of each building (or vice
versa), for a total project completion of 10
weeks.
WHAT PROVISIONS
WILL BE MADE TO
ASSIST RESIDENTS?
We have built staff overtime into the
budget to allow for extra help with the
everyday needs of residents, such as carrying
groceries upstairs. The Board is
currently working on plans to manage the
impact on day to day living and is committed
to communicating throughout this
process. The Board encourages residents’
suggestions and asks that they be sent to
board@cryderpoint.com.
WHAT ABOUT
EMERGENCY
SITUATIONS?
There is no change to current emergency
policy. Residents should call
911. EMS and ambulance personnel
are trained and have the proper
equipment to carry individuals up and
downstairs.
HAS THE BOARD
CONSIDERED MOTORIZED
LIFTS ON THE STAIRS?
This was discussed. The cost would be
exorbitant, but that’s not even relevant
since our staircases are not wide enough
to accommodate lifts and the Fire Department
would prohibit installation anyway.
Chairs will be placed at each landing to
allow residents to rest.
WILL RESIDENTS BE
PERMITTED TO WALK ON
THE ROOFS TO GET TO THE
OPPOSITE WING?
Unfortunately, no. The roofs of the
21 and 41 buildings were replaced just
a few years ago and the 01 roof was
done a few months ago. All are under
warranty. The material of the roofs of
all three buildings is not manufactured
for foot traffic, and any damage caused
by people walking on the roofs will void
the warranties and therefore incur significant
cost.
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