Fordham Hill Owners Corporation
2025 Audited Financial Statements
At the end of 2025, the co-op owed this much more than everything it owns.
94.6% of your reserve fund.
Gone in one year.
Just $149 left per apartment. One boiler failure and it is completely gone.
Source: Audited Financial Statements, Note 3
The building owes $17.9 million more than everything it owns.
Owed per apartment: $53,178. That is your share of what this building owes.
Source: Balance Sheet, Pages 5-6
Your maintenance is going up faster than your income.
A shareholder paying $1,000 a month in 2024 pays about $1,210 in 2026. That is about $2,520 more a year.
Source: 2025 audit, budget schedule, footnote (1), page 22 (the maintenance rate)
Another loss year
The 2026 budget projects exactly zero surplus. Zero margin for error. Any unexpected cost means another loss year.
Source: 2025 audit, budget schedule, page 22
Tax break disappearing
Real estate taxes were $3,215,236 in 2025. When the abatement hits zero, the full unabated bill hits. Maintenance goes up to cover it.
Source: Note 1 (Tax Abatement), Supporting Schedule Page 10
$1,715,200 in insurance debt
Insurance nearly doubled, from $1.24 million in 2022 to $2.40 million in 2025, and the 2026 budget has $2.75 million. The Board has not explained why or what they are doing about it.
Source: Balance sheet (insurance financing); insurance expense in the 2023 and 2025 audits; 2026 budget, page 22
$884,906 in avoidable losses
$427,544 in garage rent never billed. $334,362 in cable costs that exceed cable revenue. $123,000 to settle a wrongful termination lawsuit nobody told you about.
Source: Notes 5, 7, 13; Supporting Schedules Pages 9-10
Board President Matthew Mbamelu admits in sworn court papers that he is a licensed real estate salesperson. The Board's BCL 727 report says he received a commission as buyer's agent on a sale between shareholders here, and that he disclosed it and recused himself. It gives no amount.
Alaan Group Inc., a company in which Vice President Rana Abdalla admits holding an ownership interest, got a $50,000 contract to renovate two co-op-owned apartments. The BCL 727 report says she disclosed her interest and recused herself. Separately, Note 12 of the audit records $38,350 paid in 2025 to a Board member's company for painting, plastering and repairs.
BCL Section 727 requires the Board to disclose these conflicts. The disclosure is missing 2 of 3 legally required categories of information.
Source: BCL 727 Annual Report, Pages 26-27; Note 12, Page 18; court document 96
0
Management has not completed a study to estimate the remaining useful lives and the estimated costs of future major repairs and replacements.
9 buildings. 1,118 apartments. A 495-car garage. And nobody has studied what it will cost to maintain them.
Source: Independent Auditors' Report, Pages 3-4