Dear Shareholders,

We all received the notice from the NYC Department of Finance regarding our property tax abatement. Be assured that our accountant, Percy Landa, took all the necessary steps to renew our property tax abatement electronically before the February 15th deadline. Percy has all the documentation to prove this and is currently working with the city to rectify the situation. We have received reports that other Coop's received the same notice and suspect it is a citywide glitch. We will provide updates on the situation as we get them on our website ( www.thegatescomplex.com), please check there.

Boiler Project

We are approaching the final stages of the project, testing of the new boiler will begin within the next few weeks. Be aware there may intermittent interruptions to service while the new system is being tested. We appreciate your patience during this time.

Reminders

Dogs must be kept off the grass, landscaped areas and on a leash while on the property at all times. When walking your dog please remember to use the service exits only.

Maintenance Increase

We have received many questions regarding the 3% maintenance increase that was instituted this past February. We will reiterate that the increase is needed to offset the continued increases in real estate taxes. Costs such as real estate taxes are dictated by the city and are not under direct control of the board.

Thank you,
The Board of Directors