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UPDATES.md

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Property	724 3rd Ave, Watervliet, NY 12189
Folder	README & Property Snapshot
Kind	Text
Updated	2026-07-15
Dropbox path	`00 - README & Property Snapshot/UPDATES.md`

What This File Appears To Be

2026-07-14 - Property Update (07/14/2026): Hi everyone, This month's update includes the current reviewed financial summary from the guarded monthly workflow. Financial summary from FINANCIALS.md: Financial data is shown as of 2026-06. ## Cash Flow Snapshot (2026-06) Revenue: $997.50 Operating Expenses: -$823.42 NOI: $174.08 Net Operating Cashflow: -$170.68 ## Monthly Cash Position (2026-06) Revenue and operating expenses are scoped to the reporting month. ECO Operating Cash is the current co

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## 2026-07-14

- Property Update (07/14/2026):
Hi everyone,

This month's update includes the current reviewed financial summary from the guarded monthly workflow.

Financial summary from FINANCIALS.md:

Financial data is shown as of 2026-06.

## Cash Flow Snapshot (2026-06)

Revenue: $997.50
Operating Expenses: -$823.42
NOI: $174.08
Net Operating Cashflow: -$170.68

## Monthly Cash Position (2026-06)

Revenue and operating expenses are scoped to the reporting month. ECO Operating Cash is the current complete DAO-attributed total of Column E across every row in the property-split ECO Systems GL, including accruals.

Lofty Operating Cash: $11.92 (Lofty curr_maintenance_reserve)
ECO Operating Cash: -$2,397.46 (ECO Systems General Ledger Column E (527 rows))

## Accrual Funding Reconciliation (2026-07-15)

The ECO GL begins `2024-03-01`, the first day of the month before the first token sale on `2024-04-24`. Earlier rows are excluded from this DAO's GL.

- ECO GL Column E accounting position: **-$1,220.97**.
- Open accrual requirement: **$1,955.24** (legal dao payable $750.00, pm payable $1,205.24).
- Other accounts payable / receivable: **$5,173.42 AP** and **$108.00 AR**.
- Live unrestricted DAO bank cash: **$337.55**.
- Restricted cash excluded from ordinary funding: **$1,062.67**.
- Bank funding gap after net AR/AP: **$6,683.11 underfunded**; surplus **$0.00**.
- 2026 retained-capital model: retained $14.71; ECO principal/interest debt $0.00.

Column E is the accounting/CF-close position, not current bank cash. Month-end reset and capital-close rows remain in Column E but are non-cash and are excluded from every inter-DAO transfer and bank-underfunding calculation. A positive Column E balance therefore does not by itself mean the bank has enough cash to pay open accruals.

Current net cash schedule affecting this DAO:
- Pay ECO Systems LLC: $7,128.66 (funding required before full transfer)
- Receive from Heron LFTY0314 DAO LLC: $108.00

Taxes, insurance, and escrow accruals are reserve requirements rather than immediate external payment instructions. Transfers marked funding required should not be executed in full until the incoming reimbursements, reserve top-up, or approved financing is available.

## 2026-07-14

- Property Update (07/14/2026):
This month's update includes the current reviewed financial summary from the guarded monthly workflow.

Financial summary from FINANCIALS.md:

Financial data is shown as of 2026-06.

## Cash Flow Snapshot (2026-06)

Revenue: $997.50
Operating Expenses: -$823.42
NOI: $174.08
Net Operating Cashflow: -$170.68

## Monthly Cash Position (2026-06)

Lofty Operating Cash: $11.92 (Lofty curr_maintenance_reserve)
ECO Operating Cash: -$2,397.46 (ECO Systems General Ledger Column E (527 rows))

Financial summary:
- Lofty-held current maintenance reserve: $11.92
- ECO GL Column E sum: -$1,220.97 (555 rows)
- Property Update (07/14/2026):
Hi everyone,

This month's update includes the current reviewed financial summary from the guarded monthly workflow.

Financial summary from FINANCIALS.md:

Financial data is shown as of 2026-06.

## Cash Flow Snapshot (2026-06)

Revenue: $997.50
Operating Expenses: -$823.42
NOI: $174.08
Net Operating Cashflow: -$170.68

## Monthly Cash Position (2026-06)

Lofty Operating Cash: $11.92 (Lofty curr_maintenance_reserve)
ECO Operating Cash: -$2,397.46 (ECO Systems General Ledger Column E (527 rows))

# Property Updates

## 2026-07-12

- Property Update (07/12/2026):
Hi everyone,

This month's update includes the current reviewed financial summary from the guarded monthly workflow.

Financial summary from FINANCIALS.md:

## Cash Flow Snapshot (2026-06)

| Metric | Amount |
|---|---:|
| Revenue | $0.00 |
| Operating Expenses | $0.00 |
| NOI | $0.00 |
| Net Operating Cashflow | $0.00 |

## Monthly Cash Position (2026-06)

Amounts are shown as of 2026-06. ECO Operating Cash is the complete DAO-attributed ECO Systems GL Column E balance through the as-of month, including accruals; it is not limited to ECO Systems LLC bank cash.

| Metric | Amount | Source |
|---|---:|---|
| Lofty Operating Cash | $11.92 | Lofty `curr_maintenance_reserve` |
| ECO Operating Cash | -$310.64 | ECO Systems General Ledger Column E (511 rows) |

## Source Evidence

| Field | Value |
|---|---|
| Source month | 2026-06 |
| ECO GL source | `[local-path]/Users/digit/Dropbox/Real Estate/NY/724 3rd Ave Public/07 - P&L & Owner Statements/ECO Systems General Ledger - 724 3rd Ave.csv` |
| Source-month dated rows | 0 |
| Revenue bucket count | 0 |
| Operating expense bucket count | 0 |
| ECO GL Column E rows | 511 |
| ECO GL Column E sum | -$310.64 |

Financial summary:
- Lofty-held current maintenance reserve: $11.92
- ECO GL Column E sum: -$310.64 (511 rows)

## 2026-07-02

- Property Update (07/02/2026):
This month's update is limited to verified cash-position data from Lofty and ECO records. No tenant ledger rows are included.

Financial summary:
- Lofty-held current maintenance reserve: $61.92
- ECO GL Column E sum: $568.97 (508 rows)

## 2026-07-02

- Property Update (07/02/2026):
Hi everyone,

This month's update is limited to verified cash-position data from Lofty and ECO records. No tenant ledger rows are included.

Financial summary:
- Lofty-held current maintenance reserve: $61.92
- ECO GL Column E sum: $568.97 (508 rows)

## 2026-05-05

- Property Update (05/05/2026):
- Governance Vote for 724 3rd Ave:
- The governance results are back for the owner-proposed vote.
- The winning vote is:
- NO: Retain ownership of 724 3rd Ave within Grape LFTY403 DAO LLC, maintaining exposure to current debt levels, partner foreclosure risks, and the ongoing $30/token valuation.
- This voting option received 47 votes and was voted on by 30 out of 47 shares, totaling 78.27% of the voting power. This is a co-ownership property, which means the governance mechanism used the scaled governance calculations as opposed to the default of 1 token equals 1 vote.
- The voting results can be found on chain [here](https://allo.info/application/3545532158) or by searching the application ID: 3545532158

## 2026-05-01

- Property Update (05/01/2026):
- Hello fellow co-owners,

- With this surprise vote, which was not meaningfully workshopped with DAO owners beforehand, I wanted to lay out why I believe owners should vote NO on Alec’s proposal.

- The biggest issue is not simply whether a sale should ever be considered. The issue is that this proposal appears to give Alec broad authority to control the sale process through closing, without requiring a final owner vote on the actual sale terms. That removes an important check from the DAO and risks accepting a deal that may not maximize value for all co-owners.

- There are also conflict-of-interest concerns. Alec has separate financial pressures and obligations outside this DAO, including commitments related to repurchasing co-ownerships and ongoing exposure connected to 5604 Brownfield. Those issues should not determine the timing or terms of a sale for 724 3rd Ave.

- Owners should also consider recent concerns raised around prior property wind-downs, including delays between sale completion and funds reaching Lofty for redemption. If this DAO is going to sell, owners deserve a transparent, accountable process with clear timelines, not open-ended discretion.

- Bottom line: this DAO should not be rushed into a sale structure that removes owner oversight or prioritizes one co-owner’s unrelated liquidity needs over a value-maximizing outcome.

- Please stand with your fellow co-owners and vote NO on this proposal as written. The asset is nearing repair completion, and higher revenue may be achievable in the coming months. If a sale is later appropriate, it should come back to owners with actual terms, clear accountability, and a final vote.

- Thank you!

## 2026-04-29

- Property Update (04/29/2026):
- Owner-Proposed Governance Vote for 724 3rd Ave:
- An owner with the following [wallet address](https://allo.info/account/6GRLZ5EIUWKYPMJ7PYSPMR5DG2ZMZAWAK6TLQAJR7G2BTXEPFVXFKNVWHQ) is proposing a governance vote.
- This owner holds 701 shares in this property.
- The owner's reasoning is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
- Governance Vote: Proposed Sale of 724 3rd Ave, Watervliet, NY
- Asset: 724 3rd Ave, Watervliet, NY 12189
- Entity: Grape LFTY403 DAO LLC
- Authorized Representative: Alec VanBeek / Whalec Property Management LLC
- Executive Summary
- This governance vote proposes the immediate listing and sale of the property located at 724 3rd Ave, Watervliet, NY, held within Grape LFTY403 DAO LLC. This action is a strategic necessity to protect token holders from mounting financial contagion and to exit a high-risk position that has seen significant secondary market decline.
- Rationale for Sale
- Contagion & Foreclosure Risk: The property is currently burdened by a heavy debt load. Furthermore, partner Earl is facing foreclosure proceedings on other portfolio assets (such as Coolwood), putting the stability of this entity at immediate risk. Selling now is essential to distance the DAO from these external legal and financial pressures.
- Market Indicators: The asset has been trading in the $30 token range for several months. This sustained low valuation reflects a high level of perceived risk and a lack of market confidence in the property’s current trajectory.
- Legacy Issues: It has been identified that the property was listed with undisclosed issues, the costs of which have been disproportionately footed by early investors. Exiting the asset stops this ongoing capital drain.
- Strategic Exit: Liquidation is the most viable path to preserve remaining equity and allow investors to exit before the situation potentially worsens.
- Authorization & Execution
- By voting YES, the DAO grants Alec VanBeek and Whalec Property Management LLC full and final authority to negotiate and execute the sale of 724 3rd Ave at the highest attainable token price. No further governance votes or approvals will be required to finalize the transaction or closing terms once this resolution is passed.
- Voting Options
- YES: Authorize Alec VanBeek / Whalec Property Management LLC to sell 724 3rd Ave at the highest possible price to mitigate foreclosure risk and exit a devaluing asset without further DAO intervention.
- NO: Retain ownership of 724 3rd Ave within Grape LFTY403 DAO LLC, maintaining exposure to current debt levels, partner foreclosure risks, and the ongoing $30/token valuation.
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, May 5th, once the voting period ends.

## 2026-02-19

- Property Update (02/19/2026):
- The owner who just sent the governance vote is providing clarification on their proposal.
- The owner's reasoning is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
- Regarding the previous 724 3rd Ave proposal I sent, I would like to send the owners a notice with additional clarification. Please send the following:
- Clarification on the proposal:
- This most rece