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Nonprofiteer
← 50 BROADWAY REALTY CORP

Form 990 for tax year 2024

Filed by 50 BROADWAY REALTY CORP.

Totals

Total revenue
$13,364,093
Total expenses
$16,801,129
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$12,709,347
Investment income
$654,746
Other revenue
$0
Total assets, end of year
$94,044,886
Total liabilities, end of year
$78,189,717
Net assets or fund balances, end of year
$15,855,169
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: RENTAL INCOME

    total $11,502,238 · related or exempt $11,502,238

  • 2b · Program service revenue: REIMBURSEMENT FROM TENANTS

    total $922,403 · related or exempt $922,403

  • 2f · All other program service revenue

    total $284,706 · related or exempt $284,706

  • 3 · Investment income

    total $644,871 · excluded $644,871

  • 7a · Gross sales of assets other than inventory

    securities $1,000,000

  • 7b · Less cost or other basis and sales expenses

    securities $990,125

  • 7c · Gain or loss

    securities $9,875

  • 7d · Net gain or loss

    total $9,875 · excluded $9,875

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $660,011

  • 9 · Other employee benefits

    total $133,173

  • 11a · Fees: management

    total $248,139

  • 11b · Fees: legal

    total $47,399

  • 11c · Fees: accounting

    total $33,501

  • 11f · Fees: investment management

    total $26,734

  • 11g · Fees: other

    total $181,062

  • 16 · Occupancy

    total $4,055,510

  • 20 · Interest

    total $2,805,925

  • 22 · Depreciation, depletion and amortization

    total $3,120,591

  • 23 · Insurance

    total $287,726

  • 24a · Other expenses: CLEANING AND RUBBISH RE

    total $2,024,818

  • 24b · Other expenses: REPAIRS AND MAINTENANCE

    total $1,195,120

  • 24c · Other expenses: LEASING COMMISSIONS

    total $864,868

  • 24d · Other expenses: BAD DEBTS EXPENSE

    total $596,251

  • 24e · All other expenses

    total $520,301

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $616,692 · end of year $462,645

  • 2 · Savings and temporary cash investments

    beginning of year $5,808,143 · end of year $6,810,134

  • 4 · Accounts receivable

    beginning of year $380,598 · end of year $874,190

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,185,107 · end of year $1,190,347

  • 10a · Land, buildings and equipment: cost or other basis

    $116,917,259

  • 10b · Land, buildings and equipment: accumulated depreciation

    $62,892,580

  • 10c · Land, buildings and equipment, net

    beginning of year $56,697,119 · end of year $54,024,679

  • 11 · Investments: publicly traded securities

    beginning of year $7,348,180 · end of year $7,089,291

  • 15 · Other assets

    beginning of year $25,431,957 · end of year $23,593,600

  • 17 · Accounts payable and accrued expenses

    beginning of year $878,620 · end of year $1,934,726

  • 19 · Deferred revenue

    beginning of year $192,891 · end of year $338,635

  • 23 · Secured mortgages and notes payable

    beginning of year $61,459,606 · end of year $61,662,254

  • 25 · Other liabilities

    beginning of year $15,960,919 · end of year $14,254,102

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1 · end of year $1

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $18,975,759 · end of year $15,855,168

Mission and programs · 2024

Mission

WAS ORGANIZED FOR THE PURPOSE OF ACQUIRING AND OPERATING REAL PROPERTY LOCATED AT 50 BROADWAY, NEW YORK, NEW YORK ON BEHALF OF THE UNITED FEDERATION OF TEACHERS, LOCAL 2.

  • GROSS EXPENSES INCURRED BY CORPORATIN HOLDING TITLE TO PROPERTY FOR AN EXEMPT ORGANIZATION.

As filed on the 2024 return.

Listed in Part VII

  • Michael Mulgrew

    PRESIDENT

    Total calculated
    $431,656
    From this org
    $0
    From related orgs
    $347,082
    Other
    $84,574
    Hours/week
    1 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $340,887 related
    Bonus
    $0
    Other
    $0 + $6,195 related
    Deferred
    $0 + $51,085 related
    Nontaxable benefits
    $0 + $33,489 related
    Filer's total
    $0 + $431,656 related

  • Leroy Barr

    SECRETARY

    Total calculated
    $344,339
    From this org
    $0
    From related orgs
    $239,707
    Other
    $104,632
    Hours/week
    1 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $239,707 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $71,143 related
    Nontaxable benefits
    $0 + $33,489 related
    Filer's total
    $0 + $344,339 related

  • Victoria Lee

    TREASURER

    Total calculated
    $122,260
    From this org
    $0
    From related orgs
    $98,203
    Other
    $24,057
    Hours/week
    1 + 33 related

  • Kevin Ridder

    BLDG MAINTENANCE

    Total calculated
    $295,485
    From this org
    $226,256
    From related orgs
    $0
    Other
    $69,229
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $226,256
    Bonus
    $0
    Other
    $0
    Deferred
    $26,319
    Nontaxable benefits
    $42,910
    Filer's total
    $295,485

  • Charles Hohmann

    BLDG MAINTENANCE

    Total calculated
    $290,718
    From this org
    $216,897
    From related orgs
    $0
    Other
    $73,821
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $216,897
    Bonus
    $0
    Other
    $0
    Deferred
    $28,572
    Nontaxable benefits
    $45,249
    Filer's total
    $290,718

  • Joseph Bosco

    BLDG MAINTENENCE

    Total calculated
    $186,116
    From this org
    $129,512
    From related orgs
    $0
    Other
    $56,604
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $129,512
    Bonus
    $0
    Other
    $0
    Deferred
    $22,369
    Nontaxable benefits
    $34,235
    Filer's total
    $186,116

  • Maurice O'Leary

    BLDG MAINTENANCE

    Total calculated
    $210,149
    From this org
    $152,158
    From related orgs
    $0
    Other
    $57,991
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $152,158
    Bonus
    $0
    Other
    $0
    Deferred
    $22,915
    Nontaxable benefits
    $35,076
    Filer's total
    $210,149

  • Frank Finamore

    BLDG MAINTENANCE

    Total calculated
    $213,790
    From this org
    $152,165
    From related orgs
    $0
    Other
    $61,625
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $152,165
    Bonus
    $0
    Other
    $0
    Deferred
    $24,213
    Nontaxable benefits
    $37,412
    Filer's total
    $213,790

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • 50-52 BROADWAY LLC

    HOLDING OWNERSHIP OF NOT-FOR-PROFIT REAL ESTATE · NY · income -$12,221 · assets $13,797,964

    Directly controlled by UNITED FEDERATION OF TEACHERS LOCAL 2

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • UFT MEMORIALS INC

    C · PURCHASE PLOTS FROM CEMETARY ORGS AND MAKES SUCH PLOTS AVAILABLE TO MEMBERS · NY

    Directly controlled by UNITED FEDERATION OF TEACHERS LOCAL 2 AFT

Provenance

Return type
form_990
Tax year
2024
Filed
7 May 2026
IRS schema version
2024v5.5
Source object
202601629349301380

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