Monday, June 2, 2014

My Favorite Tweets

Peter Merson's personal blog (, listed here from 2008 thru June 2014 , was removed from this location.

For those of you who want to know why , send me an email at and I will let you know.

Bye all ...Peter Merson
Alternate Twitter account 

Wednesday, January 23, 2013

6.56% Maintenance Decrease AND a 5% Maintenance Increase - Really

DATE:   JANUARY 23, 2013  (6.56% maintenance decrease & 5% increase - see below)
RE:        MAINTENANCE       (from $19.05 to $17.80 per share - decrease $1.25 per share - see below)

It is indeed a Happy New Year. As mentioned in the previous memo, our mortgage loan was successfully refinanced and our monthly mortgage payments are now lower.  Although most Co-ops and Condos have had multiple maintenance and/or assessments over the past six years,we have had none. (wrong). In addition, we have been able to do a substantial amount of improvements during this period.

The Board of Directors wants to return a substantial part of the savings on our mortgage payments to the Riveredge shareholders and has voted to decrease the maintenance by $1.25/share beginning in March. This means that your monthly maintenance will decrease by an amount determined by multiplying the number of the shares you own by $1.25. For example:  If you have 600 shares (600 x $1.25), your maintenance will be reduced by $750 a year, or $62.50 a month.

The future has many financial uncertainties, looming tax increases, as well as fuel and vendor increases. All these unknowns have been taken into consideration in our decision. We feel we can reduce the maintenance and still cover the anticipated expenses of operation and maintaining the Riveredge and afford future improvements and projects.

We feel exuberant about the new mortgage and the good it will bring to the Riveredge community far into the future. 


The Riveredge Board of Directors

Glenn Keegan, Les Lew, Karen Gongora, Janet Henry, Nami Kaur, Michale Hertz, Carol Dallinga

Friday, August 1, 2008

3% Maintenance Increase


TO:....  ...All Shareholders Riveredge Owners, Inc
FROM:...Steven Librett
DATE: ...Aug 1, 2008
Subject: Maintenance Increase     (from $18.50 to $19.05 per share)

(this generated approx $15,000 from Sept thru Dec 2008, and is called "comprehensive" and "necessary", right give me a break, this is embarrassing.)

The Board of Directors has completed a comprehensive review of the building's operating expenses for 2008 in conjunction with the Accountant and Management Company. In reviewing the current price of fuel and utilities (gas, electric, and water) along with other necessary expenses, the Board of Directors have determined a 3% maintenance increase effective September 1, 2008 necessary.

Along with the above-mentioned increases in expenditures we must also prepare for anticipated increases in property taxes from the City of Yonkers, the Village of Hastings and the County of Westchester, which are respectively a 7.5%, 8.8%, and 23.8% increase from last year.

The Board of Directors has made an effort to keep the increase in maintenance to a minimum and will continue to monitor and review operating expenses including heating oil prices, throughout the remainder of the year. However, they want shareholders to understand that another increase may be necessary early 2009 due to the instability in the cost of fuel.

While the Board of Directors as fellow shareholders understand that increases are unpleasant and may present a hardship for certain individuals, these actions are unavoidable as operating costs increase.

We hope you comprehend the necessity of these increases as we endeavor to protect your investment in Riveredge Owners, Inc.

Lastly, we invite you to contact our office with any questions or comments. 

AGAINST - Peter Merson Apt 8T
FOR:       - Glenn Keegan, Les Lew, Janet Henry, Karen Gongora,  Jane Hand

Saturday, April 8, 2006

16.72 % Maintenance Increase = $ 225,000 ANNUALLY

               RIVEREDGE OWNERS, INC. 
1 David Lane
Yonkers, New York 10701
                                                         April 8, 2006   $15.85 to $18.50/share ($2.65)
Dear Fellow Shareholders:

The Riveredge Board of Directors* has been closely monitoring Riveredge's operation costs since it adopted the 2006 Budget last November. During the last six months, we have been hit with large increases in energy costs, real estate taxes and insurance that far exceeded our budgetary projections, leaving us with a large budgetary shortfall and no alternative other than to revise the 2006 Budget.

The Board of Directors must insure the financial solvency of the Riveredge and maintain the building on a sound financial basis. The Board therefore has decided that it must increase the annual maintenance to $18.50 per share, retroactive to January 1, 2006.

This decision is not made lightly. Over the past years, we have kept maintenance increases to a minimum. Operating costs had remained steady and we were aware that the assessment for the facade repair and new roof was a burden on shareholders (The assessment "burden" was $2.25 per share per year from 2002 thru 2006 - if you don't remember - AND - a total of $763,000 was collected). Unfortunately, in the last two years, and especially the last year, operating costs have begun to spiral out of control, due mainly to steep increases in energy costs. These increases have hit us both directly in higher fuel and electricity costs and indirectly in higher costs of goods and services, as well as in real estate tax increases as Yonkers' and Westchester County's costs have risen. Insurance costs have also increased dramatically.

The Board considered the option of extending the current assessment or to charge a maintenance surcharge to cover the budget shortfall, but these options do not address the fact that operating costs are an annual cost that will not decrease. Instead, these costs just keep going up.The current assessment was put in place to pay for the facade repair and new roof. It was not meant to be used for ongoing operating expenses. The monies collected are to repay a loan that is due on October 1, 2006. The assessment is scheduled to finish with the August, 2006 payment and there is no plan to extend the assessment.

The retroactive part of the maintenance increase will appear on the May invoice. Shareholders have the option of paying the retroactive increase with the May maintenance, or over two months with a charge of $10.

We have attached a financial analysis of the Riveredge's operational costs for your review. The Board will be available in the Lobby on Thursday, April 27, 2006 at 7:00 PM for any questions on the maintenance charge.

Thank you.

The Riveredge Board of Directors*

Glenn Keegan, Les Lew, Karen Gongora, Janet Henry, Jane Hand, Peter Merson,

No vote was held on this item - Peter Merson - 

Monday, February 28, 2005

13.5% Maintenance Increase

1 David Lane
Yonkers, New York 10701
                                             February 28, 2005

Dear Fellow Shareholders:                  $14.00 to $15.85/share

The Riveredge Owners Board of Directors approved the 2005 budget for the Building at its February meeting. Due to substantial increases in operating expenses, the funds necessary to operate and maintain the Building are anticipated to be 13.5% higher during 2005. After much discussion and thoughtful consideration, the Board voted to increase maintenance fees in order to balance the budget. Effective as of April 1, 2005, the maintenance will be increased by 13.5% from $14.00 per share to $15.85 per share.

We recognize that this is a significant increase. However, it is necessary to cover our escalating operating expenses. In the past year we had the following major increases:

Real estate taxes    $38,000
Fuel                           12,000
Electricity                    8,000
Insurance                    7,000
Total                        $65,000    a 41% increase in costs over 2004

Although the Board of Directors has worked diligently to contain the cost of operating the Building, these costs increases are not under our control and for the most part could not be anticipated. Indeed, further increases in the cost of fuel oil and anticipated increases in real estate taxes remain a major concern of the Board. Ensuring the cooperative remains fiscally sound is an obligation that the Board takes seriously. This increase in the maintenance is the minimum amount necessary to bring the budget into balance.

Thank you.
The Riveredge Board of Directors

Thursday, January 1, 2004

9.8% Maintanance Increase

Maintenance increase from $12.75 to $14.00 per share.

The actual memo for this increase is not yet available , but it DID OCCUR.

The actual date of this memo is not yet available , but it DID OCCUR.

The financial accuracy of this note can be verified via the Audited Annual Financial Statements.