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Nonprofiteer
← LOCAL NO 1 REALTY CORP

Form 990 for tax year 2024

Filed by LOCAL NO 1 REALTY CORP.

Totals

Total revenue
$1,163,212
Total expenses
$684,287
Contributions and grants received
$0
Grants paid
$25,000
Program service revenue
$1,141,771
Investment income
$20,973
Other revenue
$468
Total assets, end of year
$5,254,767
Total liabilities, end of year
$270,288
Net assets or fund balances, end of year
$4,984,479
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 $1,123,166 · related or exempt $1,123,166

  • 2b · Program service revenue: ASSESSMENTS

    total $18,605 · related or exempt $18,605

  • 3 · Investment income

    total $20,973 · excluded $20,973

  • 11a · Other revenue: VENDING MACHINE

    total $468 · related or exempt $468

  • 11e · Other revenue, total

    $468

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $25,000

  • 11g · Fees: other

    total $3,000

  • 13 · Office expenses

    total $269

  • 16 · Occupancy

    total $345,372

  • 22 · Depreciation, depletion and amortization

    total $308,145

  • 23 · Insurance

    total $2,168

  • 24a · Other expenses: VENDING MACHINE ITEMS

    total $333

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $882,256 · end of year $1,093,481

  • 2 · Savings and temporary cash investments

    beginning of year $594,551 · end of year $720,396

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

    $8,206,931

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

    $4,766,041

  • 10c · Land, buildings and equipment, net

    beginning of year $3,749,035 · end of year $3,440,890

  • 25 · Other liabilities

    beginning of year $720,288 · end of year $270,288

  • 27 · Net assets without donor restrictions

    beginning of year $4,505,554 · end of year $4,984,479

Mission and programs · 2024

Mission

TO ACQUIRE AND HOLD TITLE TO REAL PROPERTY ON BEHALF OF LOCAL 1 ELEVATOR CONSTRUCTORS UNION OF NEW YORK CITY AND VICINITY, TO COLLECT THE INCOME FROM SUCH REAL PROPERTY, TO PAY THE EXPENSES OF OPERATING AND MAINTAINING SUCH REAL PROPERTY AND TO TURN OVER AMOUNTS AS PROPER TO LOCAL UNION NO. 1.

  • LOCAL 1 REALTY CORP'S EXEMPT PURPOSE IS TO ACQUIRE AND HOLD TITLE TO REAL PROPERTY ON BEHALF OF LOCAL NO. 1 ELEVATOR CONSTRUCTORS UNION OF NEW YORK CITY AND VICINITY, TO COLLECT THE INCOME FROM SUCH REAL PROPERTY, TO PAY THE EXPENSES OF OPERATING AND MAINTAINING SUCH REAL PROPERTY AND TO TURN OVER AMOUNTS AS PROPER TO LOCAL UNION NO. 1.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • LEONARD LEGOTTE

    PRESIDENT

    Total calculated
    $436,150
    From this org
    $0
    From related orgs
    $327,702
    Other
    $108,448
    Hours/week
    1 + 55 related

    Schedule J breakdown matched by us

    Base
    $0 + $327,702 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $69,166 related
    Nontaxable benefits
    $0 + $39,282 related
    Filer's total
    $0 + $436,150 related

  • MICHAEL RIEGGER

    SECRETARY-TREASURER

    Total calculated
    $387,612
    From this org
    $0
    From related orgs
    $278,954
    Other
    $108,658
    Hours/week
    1 + 56 related

    Schedule J breakdown matched by us

    Base
    $0 + $269,262 related
    Bonus
    $0
    Other
    $0 + $9,692 related
    Deferred
    $0 + $69,356 related
    Nontaxable benefits
    $0 + $39,302 related
    Filer's total
    $0 + $387,612 related

  • DENIS KILDUFF

    TRUSTEE

    Total calculated
    $377,920
    From this org
    $0
    From related orgs
    $269,262
    Other
    $108,658
    Hours/week
    1 + 55 related

    Schedule J breakdown matched by us

    Base
    $0 + $269,262 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $69,356 related
    Nontaxable benefits
    $0 + $39,302 related
    Filer's total
    $0 + $377,920 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

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

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.

Provenance

Return type
form_990
Tax year
2024
Filed
4 June 2025
IRS schema version
2024v5.1
Source object
202531569349300508

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