Aug 25, 2026
August 25,2026
To the Shareholders and Owners of Palm Beach Shores Apartments,Inc.
Dear Shareholders and Owners,
We believe it is important that all shareholders be made aware of several serious concerns regarding the condition of our building, the management of our cooperative, and the oversight of ongoing construction and renovation work at 33 Ocean Avenue Cooperative.
In our opinion, shareholders have not received sufficient information regarding the financial condition, physical condition, and long-term viability of our building. We are particularly concerned that issues involving building maintenance, structural work, construction practices, and the expenditure of shareholder funds have not always been communicated with the level of transparency and detail that shareholders should reasonably expect.
Concerns Regarding Unit 606
One of our most serious concerns involves the ongoing renovation of Unit 606, which has been underway for more than three years. We have raised questions regarding work that may affect the building's structure and surrounding areas. Given the age of our approximately 70-year-old building, any work that involves structural components, significant loads, concrete, beams, plumbing, or other building systems should be carefully evaluated and properly documented. In June 2026, two steel C-shaped beams, reportedly approximately 17 feet long, were brought to Unit 606 by crane. We believe shareholders deserve clear answers regarding this work, including:
Who authorized or ordered the beams?
What structural problem are the beams intended to address?
What engineering plans or calculations support their installation?
How are the beams being supported and attached?
Was an engineer involved, and, if so, who was the engineer of record?
Were all required permits obtained?
Have the appropriate municipal authorities inspected and approved the work?
These are reasonable questions concerning work that could potentially affect the building's structural integrity and the safety of its residents. There was also an attempt to proceed with a substantial concrete or slurry installation in Unit 606 on a Saturday. We understand that approximately 11 cubic yards of material were proposed for installation. Concerned owners contacted the police, and the work was stopped at that time.
Eleven cubic yards of ordinary concrete can weigh approximately 19–22 tons. Because of the substantial weight involved, we believe shareholders are entitled to know whether an appropriately qualified structural engineer evaluated the proposed work and whether the necessary permits and approvals were obtained before the work was undertaken. We subsequently understand that work continued using bags of concrete rather than the originally proposed pumping operation. This raises additional questions regarding the total amount of material being placed, the resulting load on the structure, and whether the work was reviewed and approved by the appropriate professionals and authorities.
Our concerns are not directed at preventing legitimate improvements to individual apartments. Rather, they concern whether work that could affect the common structure and other residents is being performed safely, properly, and in compliance with applicable requirements.
Water Intrusion and Plumbing Concerns
More recently, the building experienced a significant water leak that was reportedly estimated at approximately 8,000 gallons per day. A large crack was reportedly discovered in a cast-iron waste pipe serving an apartment, resulting in water damage and concerns regarding possible mold in the affected area. We are also concerned that additional apartments may not have been inspected to determine whether other leaks or moisture-related problems exist. Given the age of the building and the seriousness of the reported water loss, we believe shareholders should receive information regarding:
The source and cause of the leak;
The amount of water reportedly lost;
What repairs have been completed;
Whether other units and common areas were inspected;
Whether moisture and mold assessments were performed where appropriate; and
What steps are being taken to prevent similar problems from occurring elsewhere.
Board Oversight and Shareholder Transparency
We believe these issues raise legitimate questions concerning Board oversight and communication with shareholders.
This cooperative represents a substantial financial investment for its shareholders. The Board of Directors has an important responsibility to protect the building, safeguard shareholder funds, ensure that necessary professional advice is obtained, and keep shareholders appropriately informed about significant matters affecting the property. When shareholders with relevant experience raise questions or concerns, we believe those concerns should be investigated and answered rather than simply dismissed.
We are therefore asking the Board to provide shareholders with clear documentation regarding the Unit 606 renovation and any work that may affect the building's structure, including applicable permits, engineering reports, plans, inspections, and approvals.
We also believe shareholders should be informed about the cooperative's current financial position, significant ongoing or anticipated capital expenditures, major building repairs, and any known conditions that could materially affect the value, safety, or future financial obligations of the cooperative.
Our intention is not to create unnecessary conflict. Our intention is to encourage transparency, accountability, and responsible stewardship of the building and the shareholders' investment. We believe every shareholder has a legitimate interest in knowing that significant construction, structural, plumbing, and financial matters are being handled appropriately and with the necessary professional oversight.
We encourage all shareholders to ask questions, review the available documentation, and seek answers from the Board concerning these matters.
We thought you should know what we believe are important issues affecting our cooperative.
Sincerely,
Concerned Shareholders
Palm Beach Shores Apartments, Inc.
www.PBSAPT.com
Rich Bolton 410