Page 27 - CooperatorNews New York Expo 2021

COOPERATORNEWS.COM COOPERATORNEWS — OCTOBER 2021 27 Formerly known as Lipner, Sofferman & Co., LLP and Katz Viola Lebenhart & Mauro, LLP Over 50 Years Serving the NY Coop/Condo Community KVLSM LLP is a full-service accounting firm with a staff of professionals available to guide its clients through every facet of business and personal tax processing. The firm has been providing the highest level of professionalism and guidance to the New York coop/condo community for over 50 years. The firm’s services include, but are not limited to: • Financial Statement Preparation • Audits, Reviews, and Compilations • Mergers and Acquisitions • Tax Preparation • Cash Flow and Budget Analysis • Financial and Retirement Planning • CFO Services Formerly known as Lipner, Sofferman & Co., LLP and Katz Viola Lebenhart & Mauro, LLP Over 50 Years Serving the NY Coop/Condo Community KVLSM LLP is a full-service accounting firm with a staff of professionals available to guide its clients through every facet of business and personal tax processing. The firm has been providing the highest level of professionalism and guidance to the New York coop/condo community for over 50 years. The firm’s services include, but are not limited to: Contact Ken Lipner: klipner@kvlsmcpa.com • 516-294-0400 • Financial Statement Preparation • Audits, Reviews, and Compilations • Mergers and Acquisitions • Tax Preparation • Cash Flow and Budget Analysis • Financial and Retirement Planning • CFO Services 415 Crossways Park Drive, Suite C Woodbury, NY 11797 Phone: 516-294-0400 • Fax: 516-938-0491 kvlsmcpa.com Formerly known as Lipner, Soff erman & Co., LLP and Katz Viola Lebenhart & Mauro, LLP Over 50 Years Serving the NY Coop/Condo Community KVLSM LLP is a full-service accoun� ng fi rm with a staff of professionals available to guide its clients through every facet of business and personal tax processing. The fi rm has been providing the highest level of professionalism and guidance to the New York coop/condo community for over 50 years. The fi rm’s services include, but are not limited to: • Financial Statement Preparation • Audits, Reviews, and Compilations • Mergers and Acquisitions • Tax Preparation • Cash Flow and Budget Analysis • Financial and Retirement Planning Contact Kenneth Lipner, CPA: klipner@kvlsmcpa.com • 516-294-0400 415 Crossways Park Drive, Suite C Woodbury, NY 11797 Phone: 516-294-0400 • Fax: 516-938-0491 kvlsmcpa.com that we are resilient, because today’s mar- ket feels like 2016. It’s better than it’s been ture, we see prices continuing to rise—the in a long time. Apartments priced under question is when. We also see inventory one million dollars are active, as people coming down. Inventory was up for a few need a place to live. For luxury units, we years, but now it’s dropping. We are see- also see units going well over the asking ing the rental market coming back with price, at least a couple hundred thousand a vengeance, and generally trends in the dollars more. Prime neighborhoods have rental market lead the sales market. The seen increases; prices are reported up 13 question over the next few weeks is when percent in Park Slope, for example. Bread will demand outpace supply? Will that and butter units are consistent, and in the happen now, or wait till the spring, which last few weeks we have seen a pick-up in is typically our strongest season?” activity because interest rates are outra- geously low—under three percent—but the end of the pandemic and all the mis- there’s murmuring about rates going up, ery, loss, and profound inconvenience it’s which will push buyers. Also, a lot of refi- nancing is happening. In the luxury mar- ket not tied to interest rates we have seen Apple’s legendary real estate market. an uptick as well, and it’s because the elec- tion and its uncertainty ended. People are City,” says Miller. “The so-called ‘escape more confident.” Marks also points out that typical buy- ers today, especially millennials, are seek- ing ‘turn-key’ units requiring little or no ate New York,” she says. “People want it, renovation—‘move-in condition’ is what that’s what they’re buying.” sells. Her suggestion to sellers is that with interest rates as low as they are, renovate your apartment before listing it to maxi- mize your asking price. (And of course, get rid of the orange shag carpeting and paint the walls a neutral color.) Ariel Heilman, also with Brown Harris Stevens and specializing in properties in the Bronx and Upper Manhattan, recalls how she and her colleagues pivoted un- der the pressures and roadblocks thrown up by COVID. “When we couldn’t show apartments, we made videos of every- thing to show virtually,” she says. “Dur- ing the lockdown, we were engaged heav- ily in hand-holding. People were looking for us to calm them down. The deals that were in motion continued—we were do- ing board packages etc., with lawyers, appraisers, lenders, everyone working re- motely. We were pushing things forward.” Now, she says, “everything is going in- credible. People are not running for the exits and throwing their keys at the bro- ker. You had to have liquidity to get in, so many people could weather the slow- down. Now, some people who were plan- ning on retiring and are ready to leave \[the city\] have moved up their plans,” while on the other hand, “others who were planning to buy in the city in two to three years have moved up their plans and are buying now. “Our markets are active,” Heilman continues. “Whether it’s a buyer’s or sell- er’s market depends; supply is what drives it. We had two sponsor units on the West Side: one was a ‘cut up,’ and overpriced, and it languished. Eventually we found a buyer and closed last week. The other was a bidding war. We also had an ‘Edward- ian Five’ and had multiple bids out of the gate because of the quality of the product. People who know what they want, have everything ready to go, and are priced right are getting deals.” Dixon projects that “in the near fu- While certainly it’s not yet time to toast caused, one thing seems clear: COVID-19 did not defeat New York City, or the Big “\[People\] are not abandoning New York from New York’ was a fraud. Its scale was widely exaggerated.” Heilman agrees. “You cannot recre- n A J Sidransky is a staff writer/reporter for CooperatorNews and a published novelist. NYC HOUSING... continued from page 9 long as their decisions are based on a rea- sonable investigation and are not self-inter- ested or made for a discriminatory or other improper purpose. Keep Bylaws up to Date According to Greenstein, “It’s also im- portant to review what indemnification pro- visions are in the bylaws of a cooperative or condominium. Many of the older coopera- tives do not have the more modern indem- nification provisions provided in the Busi- ness Corporation Law (BCL). They are very expansive, and should be included by an amendment to the bylaws. Further, coopera- tive corporations may seek to amend their certificates of incorporation with sharehold- er approval to provide for eliminating or limiting the personal liability of directors to the corporation or its shareholders for dam- ages for breach of duty, provided there is no bad faith or similar acts by the director.” In the final analysis, board members are unpaid volunteers giving their time and commitment to serve their community. Claims are common—but if directors are acting in good faith and within the authority granted to them under applicable laws and the governing documents of their co-op, condominium, or HOA, they should be af- forded the maximum coverage and protec- tions available. n A J Sidransky is a staff writer/reporter for CooperatorNews, and the author of several published novels. PROTECTING BOARD... continued from page 11 Paving The Way... • Concrete Specialists • Decorative Sidewalks • Color Tinting • Stamping • Acid Stain • Structural Steel • Waterproofing • Fireproofing • Landmark Buildings • Parking Garages • Structural Concrete • Granite & Brick Pavers • Caulking • Granite Curbing • Steel Face Curbing • Sidewalk Violations Removed Serving Manhattan for over 40 Years Approved Phone: 718-858-4668 Fax: 718-243-9354 171 Dwight Street Brooklyn, NY 11231 www.EtnaContracting.com ECI Since 1966 CONTRACTING INC. 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