CONTACT & VOLUNTEER go to:

shareholdersforchange409@gmail.com

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SCROLL DOWN FOR UPDATES & INFO. _________________________________

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UPDATE 5/20/23

409 CANVASSING PLATFORM QUESTIONAIRE :

[The Fundraising Committee bank account has approximately $12,000. that hasn’t been spent. Callie was central to this achievement. We should name it the “Callie Fund “ to define her legacy.]

[After making the following improvements we should see a 3-6% increase in property value & flip tax income.]

1.*Handicap Lift:   -$5000. * [Paid with the Callie Fund ,no cost to shareholders]

There is a portable lift available for around $4000., that doesn’t require DOB permission. We could then gain access via the entry door at the southern newly tiled patio. You would need an addition $1000. for electrical and a custom removable wood platform.

YES ____  NO_____ MAYBE____

[How long [this has been promised for 6 years] can we make our seniors use the dangerous stairs in the main entrance? ]

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2.*Roof Deck Presentation & Vote :   $0. FREE

Roof decks are a standard  amenity in all new residential  construction. There are various options for the roof deck placement but the easiest would be to locate at the northern stair bulk head or installing a new stair to the upper penthouse roof. We’ll produce plans, photo realistic renderings & pricing. Shareholders could vote on how we should go forward with the matter.

YES ___ NO___ MAYBE ____

[We will present concept plans & renderings to the shareholders as a first phase. It probably cost between $10 & 20 thousand.]

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3.*24 Hour package [door person]: - [Possibly paid with the sublet surcharge**, no cost to shareholders]*

*Also can be paid with new maintenance funds & increased flip tax. Cost is approximately $45. per unit a month.

**Scroll down to see sublet proposals.

Why not give seniors & other shareholders an opportunity to get discounted maintenance if they man the front desk package system during the 7am to 7 pm shift. $15. Per hour could be the rate of the discount. It would also be great to finally have an attended 24 hour lobby. We could also install the door buzzer at the front desk so they could buzz in shareholders without standing up.

YES ____ NO_____ MAYBE____

[I’d also like to see them wear jackets with epaulets like the did in the golden era of 409. We could also put two armoires on the western lobby wall for packages.]

[There is also an option to the security company. Why not create a separate building owned corporation that would supply package

attendants paid at minimum wage but let them go  online to watch streaming videos [seniors] or do their homework [students].]  

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4.*Rear Yard & Entry Landscaping & Upgrades: $1000. [Paid with the Callie fund, no cost to shareholders..]

Take a look at the north end of the building & you’ll see trees growing out of the cement parapet wall by the parking lot. For the first phase we could remove the concrete in selected areas in the rear yard.

We should present a plan to the shareholders illustrating the planning options. We could then rescue mulberry, sumac & tulip trees & create a green wall at the western edge of the property. These trees are fast growing, extremely hardy and good for the environment as well.

We have to replace the ripped awning over the entry portion of the side walk. There were originally large sconces flanking the doorway that could be re installed . We also could purchase cast iron urn planters to flank the door way as well and plant some perennials surrounding small evergreen trees.

YES ___  NO___  MAYBE___

[Additional landscaping, furnishings & concrete finishing could be added at a later date.]

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5.*Lobby Restoration:  $0. FREE

Brokers have estimated there would be a 1 - 4 % increase in apartment value with restoration . This lobby upgrade  would require no investment. The furnishings have been purchased & will be donated. We would first stage the furnishings for final approval by shareholders.

In addition we could allow shareholders to upgrade individual elevator lobbies which could be funded with donations from neighbors on their respective floors.

YES ___ NO ____ MAYBE ___

[Regarding bed bug paranoia, you can spray bed bug repellent on all lobby furnishings. We already have an exterminator that could handle the maintenance . An area rug with a non-slip rug pad is not a hazard.]

[There is no such thing as “commercial grade” in residential lobbies, the lobby isn’t an airline terminal, residential furnishing are professionally appropriate.]

[As per Ms. Gaither ,409 was filled with oriental carpets in the lobby & corridors. This kind of rug is not a hazard. The board is ignorant when it comes to this & has been issuing false statements. ]

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5.*Create New Committees:  $0. FREE

Being such a large building we have a reservoir of talent especially in terms of finance, law & design. We should not only re establish the committees but seek  out shareholder professionals to make suggestions. We have a list of recommendations for how to breakdown the various committees.

YES ___ NO ____ MAYBE___

[When professionals make recommendations we should at the very least listen. The current board members have continually rejected needed advice.]

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6.*Sell Building Owned Apartments:  Profit = $1,199,250.

We have the option to renovate and sell the following apartments. Currently the building has lost upwards of $349,000. in maintenance revenue during the Nikki regime by having empty apartments.

First of all, we have a vacant legal super apartment with backyard access in the basement that we could renovate so the first floor 2 bedroom could be sold. We could also renovate both one bedroom apartments [currently used as package / board meeting rooms] as well as the current supers apartment & sell them. There is also a D line apt. A new furnished lobby would help sales.

We can renovate, stage & sell the southern lobby 1 bedroom apartment [It’s in fairly good shape] first & then can use the funds from the sale to renovate the remaining

This will give the building a needed cash infusion.

YES ___ NO ___ MAYBE ___

Lobby 1 bed. Apt  #1.            $235,000.

Lobby 1 bed. Apt. # 2           $235,000.

D line 1 bed. Apt.                    $385,000.

Lobby 2 bed. [super] Apt.   $475,000.

The 4 apartments will provide $1,330,000. profit with $100,000. renovation  + 5% broker fee $30,750. = $1,199,250. $599,625 to the building & $4,996. To each shareholder.]

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7.* Should we have 50% of the profit from the sale of building owned apt.s [approx.$4,996.] refunded directly to shareholders?

Times are difficult for many. We could give have the apartment profit as a direct payment to shareholders or discount the maintenance.

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8.*Affordable Legal & Engineering Services Presentation & Vote: $0. FREE

We can’t afford Mr. Landis’s $700. An hour white shoe Ivy League law firm. He’s better suited to his celebrity clients.

We need a community based attorney with a social conscience that will act to serve all the shareholders. Lane Engineering is overpriced as well and failed to propose the option of moving the laundry to the southern end of the basement.

We’ll nominate 2 alternative candidates for each job & let the shareholders vote.

YES ___ NO ___ MAYBE ___

[Currently the legal team only works to protect the board from oversight.]

[Regarding the lawsuit the group paid their attorney a flat fee of $3,500.  & Landis was paid $33,000. In hourly payments. To protect the board. The groups attorney also requested to settle verbally & had the impetus to do such since he was working for a flat fee.

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9.*Conduct a Forensic Audit:  + $2000. [This is normal oversight which should be included in the building budget.]

Presently there is no oversight of the board & vendors. We should conduct a forensic audit. 409 has had a history of corruption.

YES ___ NO ___ MAYBE ___

[In a previous audit they found over $300,000. In theft that was never prosecuted.]

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10.*Allow Subletting:  with a  25 % management fee paid to the building.

Condos allow subletting, so let’s permit subletting at the maintenance rate. In addition we should allow owners to collect a 25% surcharge for supplying furnishings. The building can also charge a 25% rental management fee for the units & thus create a new income stream while still maintaining an affordable rent.

[There is an incredible disparity in net worth between people of colour & white potential purchasers. This makes  having a down payments difficult for some. Giving people the ability to rent is an option to bring more people of colour into the fold.  Having a foothold they could transition into ownership at a later date. ]

[We also must confront a shrinking flip tax income stream. For the first time in 8  years there are no 409 apartments for sale & thus no flip tax funding.]

[Income generated could fund  the 24 hour door person.]

[The stratified estate market makes it extremely onerous for young people to purchase.]

[We could also promote the rentals  at historically black colleges like Howard University.]

[At a maintenance + 50% price, the rentals are still a bargain ,so we can be selective with potential renters.]

YES ___ NO ___ MAYBE ___

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Dear 409 Boardmembers and Shareholders;

As per the Board's memo of 17 May, We’re responding to your announcement

of a "structured community discussion" about proposed changes to the

By-Laws.

Since changes to the By-Laws must be approved by the majority of

shareholders at a meeting with a full quorum, the best chance of getting

this done would be during the meeting for the annual election.

Having these amendments, announced in advance, on the same ballot as the

candidates makes great sense in terms of efficiency and cost-savings.

But, the process whereby those proposed changes appear on the ballot is

less clear.

In addition to Board suggestions, there should be a shareholder

referendum process.  Once a certain threshold number of shareholder

signatures is obtained, the amendment should be placed on the ballot. 

The final decision as to whether the proposed amendment is adopted will

be determined by vote at the election, which will have a quorum, same as

Board proposed amendments.

My suggestion is that the threshold number be set at 35 signatures.  Out

of 123 units, that represents sufficient community interest to have the

items placed on the ballot.  It also represents about the average number

of votes obtained by each of our current board members.

In October, 2022, a shareholder survey was taken.

               92.9% of the respondents wanted to separate the annual

meeting into two separate meetings: 1) the Board annual report and    

                                finances, and 2) the election itself.

               57.1% felt the meetings should be held in September.

               85.7% were in favor of expanding the Board from 5 to 7

members.

               85.7 % were in favor of staggered terms limits for board

members

               92.9%  were in favor of anonymous balloting.

These additional items need to be considered as amendments to the

by-laws as well.

And, finally, I am again volunteering to be on this year's election

committee.

You can reach us at shareholdersforchange409@gmail.com

Thank you !

Shareholders for Change Steering Committee:

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