It's been known to us mostly for its residents' large credit card bills and its tendency to offer discounts to celebs in exchange for good press. But since our last check, 42nd Street's Atelier has turned over a new leaf: the leaf of fiscal responsibility. A tipster forwards along an e-mail from the condo board's president announcing that the Atelier is one of the only buildings in New York City to lower its common charges in 2010, and the charges will be lowered again in 2011. That's quite a turnaround, so our congrats, friend! What we really want to know: how did the Atelier do it? Luckily, the board president's letter offers a little glimpse into the secret financial lives of new luxury condo towers.
The Atelier Condo Board has worked very hard over the last 3 years since taking over from the sponsor. We have since turned the building around into a financially sound home for us all. We have not only kept the financials strong but we have also added many new amenities that make the building more marketable and a better place to live. Our newest amenities the Atelier Movie Theatre and Office Center have been completed (rules/ renting info to follow shortly). We have continued to consolidate and renegotiate all our existing contracts with vendors. Our emphasis on energy saving and efficiency has been a major goal for us and will continue to be in the years to come. With these cuts the board has successfully driven our cash balance over the last 2 years to increase 200 percent in value to nearly $3,000,000. With our success in the building's money management we made it possible to lower our common charges in January 2010. We are one of the only buildings in New York City to achieve such a feat....With that said, it my honor to announce that the common charges will be lowered for a second straight year in January 2011.
And hey, $3 million in cash reserves can fund a lot of free celebrity rentals!
· Atelier coverage [Curbed]