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Nonprofiteer
← HENRY PHIPPS PLAZA EAST INC

Form 990 for tax year 2024

Filed by HENRY PHIPPS PLAZA EAST INC.

Totals

Total revenue
$2,112,724
Total expenses
$2,377,580
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$2,070,139
Investment income
$5,632
Other revenue
$36,953
Total assets, end of year
$6,107,956
Total liabilities, end of year
$6,426,272
Net assets or fund balances, end of year
-$318,316
Program services expenses (Part IX)
$2,200,051
Management and general expenses
$177,529
Fundraising expenses
$0
Program service expenses (Part III)
$2,200,051

Program services were 92.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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 $2,047,586 · related or exempt $2,047,586

  • 2b · Program service revenue: TENANT CHARGES

    total $22,553 · related or exempt $22,553

  • 3 · Investment income

    total $5,632 · excluded $5,632

  • 11a · Other revenue: LAUNDRY INCOME

    total $16,200 · related or exempt $16,200

  • 11d · All other revenue

    total $20,753 · related or exempt $20,753

  • 11e · Other revenue, total

    $36,953

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $239,437 · program services $239,437

  • 8 · Pension plan contributions

    total $16,673 · program services $16,673

  • 9 · Other employee benefits

    total $55,805 · program services $55,805

  • 10 · Payroll taxes

    total $27,459 · program services $27,459

  • 11a · Fees: management

    total $137,293 · management and general $137,293

  • 11b · Fees: legal

    total $5,493 · program services $5,493

  • 11c · Fees: accounting

    total $40,236 · management and general $40,236

  • 11g · Fees: other

    total $48,041 · program services $48,041

  • 13 · Office expenses

    total $11,847 · program services $11,847

  • 14 · Information technology

    total $11,446 · program services $11,446

  • 16 · Occupancy

    total $594,217 · program services $594,217

  • 20 · Interest

    total $269,495 · program services $269,495

  • 22 · Depreciation, depletion and amortization

    total $349,212 · program services $349,212

  • 23 · Insurance

    total $126,809 · program services $126,809

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $388,712 · program services $388,712

  • 24b · Other expenses: BAD DEBTS

    total $45,895 · program services $45,895

  • 24e · All other expenses

    total $9,510 · program services $9,510

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $755,833 · end of year $325,181

  • 2 · Savings and temporary cash investments

    beginning of year $51,321 · end of year $52,344

  • 4 · Accounts receivable

    beginning of year $77,251 · end of year $36,297

  • 9 · Prepaid expenses and deferred charges

    beginning of year $129,349 · end of year $106,797

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

    $13,721,593

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

    $8,673,954

  • 10c · Land, buildings and equipment, net

    beginning of year $4,826,096 · end of year $5,047,639

  • 14 · Intangible assets

    beginning of year $83,380 · end of year $39,883

  • 15 · Other assets

    beginning of year $537,884 · end of year $499,815

  • 17 · Accounts payable and accrued expenses

    beginning of year $744,578 · end of year $600,930

  • 19 · Deferred revenue

    beginning of year $14,925 · end of year $19,144

  • 21 · Escrow or custodial account liability

    beginning of year $140,913 · end of year $141,754

  • 23 · Secured mortgages and notes payable

    beginning of year $2,984,134 · end of year $1,653,240

  • 25 · Other liabilities

    beginning of year $2,630,278 · end of year $4,011,204

  • 29 · Capital stock, trust principal or current funds

    beginning of year $50,000 · end of year $50,000

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

    beginning of year -$103,714 · end of year -$368,316

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2024

Mission

HENRY PHIPPS PLAZA EAST, INC. WAS FORMED TO OWN AND OPERATE A 104-UNIT RESIDENTIAL APARTMENT BUILDING LOCATED IN THE BOROUGH OF MANHATTAN, NY, TO PROVIDE LOW INCOME HOUSING.

Activities or mission (Part I)

HENRY PHIPPS PLAZA EAST, INC. WAS FORMED TO OWN AND OPERATE A 104-UNIT RESIDENTIAL APARTMENT BLDG LOCATED IN THE BOROUGH OF MANHATTAN, NY, TO PROVIDE LOW INCOME HOUSING.

  • TO PROVIDE LOW INCOME HOUSING TO 104 FAMILIES.

    Expenses $2,200,051 · Revenue $2,107,092

As filed on the 2024 return.

Listed in Part VII

  • Adam Weinstein

    PRESIDENT

    Total calculated
    $1,043,975
    From this org
    $0
    From related orgs
    $863,534
    Other
    $180,441
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $713,534 related
    Bonus
    $0 + $150,000 related
    Other
    $0
    Deferred
    $0 + $143,252 related
    Nontaxable benefits
    $0 + $37,189 related
    Filer's total
    $0 + $1,043,975 related

  • James Robert Pigott Jr

    VICE PRESIDENT AND SECRETA

    Total calculated
    $454,550
    From this org
    $0
    From related orgs
    $366,981
    Other
    $87,569
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $307,981 related
    Bonus
    $0 + $59,000 related
    Other
    $0
    Deferred
    $0 + $56,202 related
    Nontaxable benefits
    $0 + $31,367 related
    Filer's total
    $0 + $454,550 related

  • Lukeman Ogunyinka

    TREASURER

    Total calculated
    $367,205
    From this org
    $0
    From related orgs
    $357,241
    Other
    $9,964
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $276,041 related
    Bonus
    $0 + $60,000 related
    Other
    $0 + $21,200 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $9,964 related
    Filer's total
    $0 + $367,205 related

  • Matthew Kelly

    VICE PRESIDENT

    Total calculated
    $311,460
    From this org
    $0
    From related orgs
    $241,381
    Other
    $70,079
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $241,381 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $56,202 related
    Nontaxable benefits
    $0 + $13,877 related
    Filer's total
    $0 + $311,460 related

  • Michael Wadman

    VICE PRESIDENT

    Total calculated
    $380,571
    From this org
    $0
    From related orgs
    $321,134
    Other
    $59,437
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $279,134 related
    Bonus
    $0 + $42,000 related
    Other
    $0
    Deferred
    $0 + $56,202 related
    Nontaxable benefits
    $0 + $3,235 related
    Filer's total
    $0 + $380,571 related

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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
PHIPPS HOUSES, AN AFFILIATE OF THE REPORTING ORGANIZATION PAID COMPENSATION ESTABLISHED THE COMPENSATION OF THE TOP MANAGEMENT OFFICIAL USING OTHER ORGANIZATIONS, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE TO THE REPORTING ORGANIZATION'S TOP MANAGEMENT OFFICIAL. PHIPPS HOUSES HAS COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, FORM 990 OF BOARD OR COMPENSATION COMMITTEE.
PART I, LINE 4B:
ADAM WEINSTEIN, PRESIDENT, IS A PARTICIPANT IN A SECTION 457(F) PLAN THAT REQUIRES HIM TO PERFORM SERVICES FOR A PERIOD OF TIME. HE HAS RECEIVED J INSTRUCTIONS) THESE AMOUNTS ARE TREATED AS ACCRUED OR EARNED EARNED DURING THE REPORTING PERIOD WHICH IS INCLUDED IN SCHEDULE J, PART ANNUAL AWARDS BEGINNING IN 2017 AND (CONSISTENT WITH IRS FORM 990, SCHEDULE RATABLY OVER THE COURSE OF THE SERVICE PERIOD. $87,050 IS REPORTED AS II, COLUMN (C).

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.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • VIA VERDE RENTAL LEASING LLC

    REAL ESTATE · NY

  • PLAZA SOUTH MANAGEMENT CO II

    REAL ESTATE · NY

Related corporations and trusts

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

  • 1039 BOSTON ROAD MANAGEMENT CORP

    C · REAL ESTATE · NY

  • 1691 FULTON AVENUE MANAGEMENT CORP

    C · REAL ESTATE · NY

  • 600 EAST 156TH STREET MANAGEMENT CORP

    C · REAL ESTATE · NY

  • 710 EAST 9TH STREET MANAGEMENT CORP

    C · REAL ESTATE · NY

  • 912 EAST 178TH STREET MANAGEMENT CORP

    C · REAL ESTATE · NY

  • 988 EAST 180 STREET MODERATE MM CORP

    C · REAL ESTATE · NY

  • 988 EAST 180TH STREET HDFC

    C · REAL ESTATE · NY

  • 988 EAST 180TH STREET MANAEMENT CORP

    C · REAL ESTATE · NY

  • ATLANTIC CHESTNUT I MANAGEMENT CORP

    C · REAL ESTATE · NY

  • ATLANTIC CHESTNUT II MANAGEMENT CORP

    C · REAL ESTATE · NY

  • ATLANTIC CHESTNUT III MANAGEMENT CORP

    C · REAL ESTATE · NY

  • BOSTON TREMONT LLC

    C · REAL ESTATE · NY

  • COURTLANDT COMMUNITY MANAGEMENT CORP

    C · REAL ESTATE · NY

  • COURTLANDT CORNERS I MANAGEMENT CORP

    C · REAL ESTATE · NY

  • COURTLANDT CORNERS I INC

    C · REAL ESTATE · NY

  • COURTLANDT CORNERS II MANAGEMENT CORP

    C · REAL ESTATE · NY

  • COURTLANDT CORNERS II INC

    C · REAL ESTATE · NY

  • COURTLANDT CRESCENT MANAGEMENT CORP

    C · REAL ESTATE · NY

  • COURTLANDT CRESCENT INC

    C · REAL ESTATE · NY

  • DEMPSEY APARTMENTS MANAGEMENT CORP

    C · REAL ESTATE · NY

  • ECHO APARTMENTS MANAGEMENT CORP

    C · REAL ESTATE · NY

  • ELTON CROSSING HDFC

    C · REAL ESTATE · NY

  • ELTON CROSSING INC

    C · REAL ESTATE · NY

  • EXTRA PLACE MANAGEMENT CORP

    C · REAL ESTATE · NY

  • FABRIA HOUSES MANAGEMENT CORP

    C · REAL ESTATE · NY

  • FRV PHASE 1 HOLDINGS INC

    C · REAL ESTATE · NY

  • FRV PHASE 1 MANAGEMENT CORP

    C · REAL ESTATE · NY

  • HANCOCK PLACE APARTMENTS MANAGEMENT CORP

    C · REAL ESTATE · NY

  • HOBBS CIENA MANAGEMENT CORP

    C · REAL ESTATE · NY

  • HONEYWELL II MANAGEMENT CORP

    C · REAL ESTATE · NY

  • LEBANON WEST FARMS MANAGEMENT CORP

    C · REAL ESTATE · NY

  • LEBANON WEST FARMS INC

    C · REAL ESTATE · NY

  • LEE GOODWIN MANAGEMENT CORP

    C · REAL ESTATE · NY

  • LPV MANAGEMENT CORP

    C · REAL ESTATE · NY

  • MONTEREY APARTMENTS MANAGEMENT CORP

    C · REAL ESTATE · NY

  • PHIPPS HOUSES HOLDINGS LLC

    C · REAL ESTATE · NY

  • PHIPPS HOUSES SERVICES INC

    C · REAL ESTATE · NY

  • PHIPPS HPS LIHTC ASSOCIATES INC

    C · REAL ESTATE · NY

  • PHIPPS VIA VERDE HOMES INC

    C · REAL ESTATE · NY

  • RCB APARTMENTS MANAGEMENT CORP

    C · REAL ESTATE · NY

  • SALEM HOUSE MANAGEMENT CORP

    C · REAL ESTATE · NY

  • SUNNYSIDE MEMBER CORPORATION

    C · REAL ESTATE · NY

  • VIA VERDE CONDOMINIUM

    C · HOME OWNERS AS · NY

  • VIA VERDE RENTAL MANAGEMENT CORP

    C · REAL ESTATE · NY

  • VIA VERDE RENTAL INC

    C · REAL ESTATE · NY

  • WEST 128TH STREET MANAGEMENT CORP

    C · REAL ESTATE · NY

Provenance

Return type
form_990
Tax year
2024
Filed
8 May 2026
IRS schema version
2024v5.5
Source object
202621319349303662

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