Page 47 - NY Cooperator Expo April 2019

COOPERATOR.COM THE COOPERATOR — APRIL 2019 47 TANE WATERMAN & WURTZEL, P.C. CO-OP/CONDO ATTORNEYS There When You Need Us Principals: David A. Tane • Stewart E. Wurtzel • Andrew D. Stern • Leonard M. Khandros Associates: • Moshe C. Bobker • Jacob R. Fleitman • Ruta Behrend • Adam Lazaros Of Counsel: Marcie Waterman Murray Provide legal counsel to Cooperatives, Condominiums and Individuals Represent our clients’ interests in all litigation in Federal, State and City Courts Transfer Agent Services Landlord – Tenant Purchase, Refinance and Lease Transactions Residential and Commercial Sales Corporate and Business Law 120 Broadway • Suite 948 • New York, NY 10271-0040 Phone: (212) 766-4000 • Email: Swurtzel@tww.nyc www.tww.nyc says, “there’s always a buyer out there. But for most people that’s not the case. If you want to sell you need to price the unit right.” He relates how he took over a listing that had been on the market for over six months in a luxury high-rise. The price was simply too high. He went to meet with the sellers with the appro- priate data and they agreed to lower the price. The apartment sold in two weeks. They might have agreed to that price ear- lier, but the listing price was so high no one made any offers. Miller sums it up nicely: “One sale doesn’t make a market.” Boards Butting In Once a deal has been reached, can your co-op or condo board short-circuit your sale? The short answer is yes. In a co-op, Marks reports that she has seen boards turn down a transaction based on the price being lower than they see values WHAT THE MARKET... continued from page 33 continued on page 48 buyers who’d been waiting on the sidelines get off the fence and lock in the best rate they’re likely to see in their lifetimes. “The absolute smartest move to be made for a primary residence owner is to get out now for the most they can get someone to pay, and go lock in an incredible rate on a long-term purchase. They’ll see their small loss be made up for many times over dur- ing the course of their tenancy in that new property.” Tim Knipper, a real estate broker with Compass in Chicago “Honestly, I think the spring market is going to pick up rapidly. It’s been quite slow since last June, and buyers just don’t seem to have any urgency, but it looks like there is going to be an influx of new condos on the market. I know that, since it has been slow, sellers are waiting and/or taking their places off the market because they feel they will be able to get a higher price in the spring, rather than now. And, now that the midterm elec- tions have transpired, we’ll be able to see what affect any stock market volatility has on interest rates.” Michael DiMella, Managing Partner with Charlesgate Realty in Boston “The condo market has been robust over the past few years, with several new devel- oper projects coming online in the Boston area. We should see more of this as 2019 plays out, and we’re anticipating continued demand. Many demographics are enjoying condo living, and desire that lifestyle both in urban areas and in some of the suburbs just outside the major city. People want proper- ties close to public transit, or in walking dis- tance of major destinations. “In terms of amenities, I think you’re see- ing some innovation, but people still look for nice common areas, i.e., a library or club room to hold events and larger gather- ings. Or outdoor spaces, roof decks, patios equipped with grilling or cooking equip- ment. We’re also seeing gyms that are outfit- ted with some sort of web-connected tech, like Peloton-type equipment.” The Management Jackie Monzon, President of Crystal Real Estate Management in New York City: “Currently, any property with elevators must install a door lock monitoring system. If an elevator does not have one currently, properties are mandated by the city to install them by December of 2019. This project is costing properties about $19,000 per eleva- tor, which is a big hit. “In some of my older buildings with old elevators, as they have to upgrade those el- evators anyway, we’re fast-tracking the eleva- tor upgrade projects, as the new elevators already come with the required door lock monitoring systems.” Dana Isaacson, Director of Condomini- um Management at BRIGS LLC in Boston: “Much-discussed issues like marijuana legalisation, drone use, short-term rentals, and emotional support animals are increas- ingly encroaching into condominium life. From a management standpoint, we try to keep up as best we can with evolving laws, as trustees are volunteers who aren’t necessar- ily prepared to keep abreast of all of the data and info that pertains to community associa- tions. It’s our job to educate them, which can be difficult. But we try to hook them up with the proper counsel that can really drill down into an issue and explain to a board where its responsibilities lie. “More broadly, the industry is becoming increasingly difficult to navigate in terms of residents expecting information from management immediately as it’s requested. With the internet, everyone expects a rapid turnaround for their emails, which make for around 90 percent of the inquiries we re- ceive. It’s a challenge, as traffic can become overwhelming. “But let’s face it: we’re managing what’s most likely these residents’ most valuable as- set. So their expectations are extremely high. But when a landscaper asks for a 5 percent increase in their fee, the board can look to a tangible result around the property. This is less-so for a management company, as much of what we do is administrative and financial in nature. Owners can’t always immediately see the value we provide. Some do! But many don’t. Yet without an increase in resources, we can’t sustain the demand for increased re- sponsiveness. We try to add value wherever we can, but it’s hard for us to stay proactive, rather than just try and reactively stay above water.” n Mike Odenthal is a staff writer/reporter with The Cooperator. WHAT DOES... continued from page 31 RESTORATION GROUP, LTD. Phone: 718.993.5700 info@yatesrestoration.com www.yatesrestoration.com Yates Restoration has set the standard in the restoration and maintenance of New York CIty’s most notable properties. Our unsurpassed expertise and team of artisans, technicians and project managers, means your project gets done right and on schedule. Call or visit us at our website. Restoring the City of New York for over 90 years • Facade Restoration • Roofing and Waterproofing • Terrace and Plaza Restoration • Balcony Restoration and Repair • Structural Stabilization • Steel Work • Ornamental Sheet Metal • Local Law 11