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Westview Roosevelt Island

Westview Roosevelt Island. 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

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Westview Roosevelt Island

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  1. Westview Roosevelt Island

  2. WTIWestview Taskforce, Inc.Tenant’s MeetingMarch 8, 2006“The Future is in Our Hands”

  3. 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

  4. 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

  5. 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 By-laws and Vote on the By-Laws As They Stand • Vote Will Be Conducted at 8:00 PM Sharp!

  6. Westview Taskforce Introduction Here are your Taskforce Members Co-Chairs Opher Pail Johan Marfey SecretaryReal Estate Advisors Laurence Brodsky Natalia Chin Dimitri Gavrilev Treasurer Teri Sheridan Production Team Finance AdvisorSainjargal EnhSaihan Ivens Stanton Alima Amarsaihan Architecture Consultant Engineering Director Tad Sudol Sanja Zlatanic RI Advisory Board Political Liaison Matthew Katz Dierdre Breslin Sherie Helstein Legal LiaisonMembers Philip Groner Petra Kaizer Zakie Wazani Maintenance DirectorJember Asfaw Zewdie Dejan Kovacevic Nicholas Ghattas Felix Santella Event CoordinatorNirmala Narine Fay Christian Anya Wiecek

  7. Westview Taskforce – Major Accomplishments 2000 – 2005 YEAR 2000 • Blocked 31% Rent Hike Application • Rent increase was reduced to 4% annually over 2 years 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! YEAR 2005 • Blocked Unilateral M-L Dissolution • Blocked Ground Lease Extension • Created Affordable opportunities to Own and Rent

  8. 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.

  9. Westview Building Snapshot Westview 595/625 Main Street 13 Studio Apartments Rental Income $ 6.5 M annually 97 One Bedroom Apartments 167 Two Bedroom Apartments 84 Three Bedroom Apartments 361 Total Apartments

  10. 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

  11. Westview Building – 2003 Apartment Condition Survey- Engineers Estimate $8 - $10M in Immediate Repairs 90% of All Apartments Reported… Problem Categories: • Floors/Walls/Ceiling 40% • Intercom 28%Repaired • Windows/Doors 32% • Faucets/Piping/Leaks 32% • Air Conditioners 27% • Kitchen Appliances 23% • Quality of Water 21% • Kitchen Cabinets 19% • Heating 16% • Electrical/Lighting 13% • Locks/Knobs 11% • Closets 9% • Other (Ventilation, Plumbing, etc.) 34%

  12. 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.

  13. 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

  14. 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

  15. Meeting Close • Meeting Close • Taskforce Members are Available to Address any Questions • Thank You, Good Night and Good Luck!

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