Fordham Hill Owners Corporation
2025 Audited Financial Statements
Your building owes this much more than 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.
Debt per apartment: $53,179. 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/month in 2024 will pay $1,210 by 2026. That is $2,520 more per year.
Source: Comparative Schedule, Footnote (1), Page 24
$1,409,492 over budget
They delivered a $1,012,324 operating loss.
The 2026 budget projects exactly zero surplus. Zero margin for error. Any unexpected cost means another loss year.
Source: Comparative Schedule of Revenues and Expenditures, Page 24
Tax break disappearing
Real estate taxes were $4,277,131 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 premiums have more than doubled since 2022. The Board has not explained why or what they are doing about it.
Source: Balance Sheet, Supporting Schedule Page 10
$884,823 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 is a licensed real estate agent. He collected a commission on an apartment sale he brokered inside Fordham Hill. The amount was not disclosed in the BCL 727 report.
Vice President's Rana Abdalla's company, Alaan Group Inc., received a $50,000 contract for apartment renovation and painting. Note 12 in the financial statements describes a different transaction ($38,350 for painting). The numbers do not match.
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
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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