Buck Gupta and Cecilio-Augusto Berndsen respond to Mr. Abe Lederman

January 7, 2017

Abe !

Thanks for your support.  Most of the issues raised in your email have been addressed in Town Hall meetings; however, since you did not receive the information, I will try to address them in the same sequential manner.

The question concerning the voting by unit owners for approving enhancements at the East pool deck has not been presented for approval, pending the finalization of formal drawings being completed by our landscape architect and which are being exhibited in our lobby at this time.  Once the drawings were completed, a cost estimate for various options was generated by our engineer of record and presented to the unit owners in the Town Hall meetings.

A major breakdown by categories for $10,500,000 includes the following:
Replacement of the pool with a new design; replacement of all balconies; new glass railings;  a barbecue area; an outdoor covered patios for the restaurant;  a social gathering area; and a  sitting shaded area for patrons wishing to avoid the direct sun.  Also included in the above-referenced amount is the exterior painting of the buildings, once all the structural repairs have been completed.

The estimated amount of $1,000,000 for the elevators includes providing infra structure necessary for the safe operation of the elevators and meeting the current code requirements. It includes all six (6) elevators in both buildings and a complete replacement of one (1) elevator leading to the Gym  and West pool deck.

The estimate of $ 1,500,000 for hallways renovations includes the replacement of popcorn ceiling , new light fixtures, painting, and replacement of carpets. This scope of work covers all floors for both buildings.

An estimate for professional fees of $ 840,000 is subject to adjustments based on the final construction cost of the project.

As to your final question relative to unit owners having the options to pay principle and interest from day one needs to be worked out with our lender,  since there is no pre-payment penalty associated with our loan.

I do not know if I have answered all your questions.  Hopefully, I have provided you with all the information you requested.

Thanks again for seeking factual information!

Sent from my iPad

Buck Gupta, President of the Board of Directors of Aquarius

January 7, 2017

Dear Abe,

Thanks for asking clarifying questions that may be useful for many other owners.

I think Buck covered your questions very well.

Additional details of the plans may be found in the presentation given to owners in two recent “informational meetings.”

All the slides of the presentation can be seen if you click HERE.  They were posted elsewhere in this blog.

These presentations were prepared and given by Andrew Di Cesare, Engineer of Hillman, Thomas Linbentaun, Principal Architect of LAC and Victor Rocha our Treasurer of the Condominium.

William Coleman, Regional Manager of Atlantic-Pacific was also an active participant in the preparation of the presentation.

Wishing to you and your family a glorious 2017 I hope to see you soon!

Cecilio-Augusto Berndsen, Vice-President of the Board of Aquarius.

January 6, 2017

Hello Buck and Cecilio,
Happy New Year

I first would like to say that I thank you, back and applaud you both for the wonderful, unappreciated work that you both and the rest of the board are doing.
I do have a few questions that I hope either or both of you can answer. The only information that I received was the breakdown of the new assessment. I wasn’t informed of any voting, by the Aquarius owners, for the balcony railings or which configuration the east pool deck was agreed upon. I am assuming that the assessment will be adjusted depending upon the voting.
The next item is the Breakdown letter. There actually is no breakdown.
What does the $10,500,000.00 projected 40-year certification w/improvements involve?
What is the item breakdown to total the $10,500,000.00. Is it the pool area, barbecue area, painting the buildings with one or multiple colors. Balconies, plumbing etc.
You show elevator as $1,000,000.00. Is this for repair or replacement for one elevator or all six?
You have hallway restoration as $1,500,000.00. What will be done? Carpeting? Painting?
Popcorn removal? New light fixtures? Any additional trimming?  Will it include all floors?    Also was the professional fee of $840,000.00 paid or will there be an adjustment when the actual numbers are calculated?

The next item I would like you to consider is to add an additional column which can give everyone an option to pay down the loan which includes principle and interest from day one.
Make Aquarius great again,

Abe Lederman,
Unit 1706N

.o0o.