All About Reserve Studies A Crucial Aspect of Community Administration

By Cooperator Studio 26 January 2017 Maintenance

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News

6/12/2026 New York just extended the J-51 tax abatement. Here are five key details condo and co-op boards need to know - Brick Underground

Governor Kathy Hochul’s $269 billion state budget revived a crucial tax break aimed at helping co-op and condo buildings complete essential capital improvements. The J-51 tax abatement, which was set to expire at the end of the month, is now back with expanded eligibility and bigger benefits. “We hit a three run triple,” said attorney Bruce Cholst, a partner at Herrick, Feinstein who was involved in lobbying for the legislation.
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6/9/2026 Bennett LeBow’s N.Y.C. Condo in Photos - Robb Report

The veteran investor and his wife, Jacqueline Finkelstein-LeBow, are selling their palatial 64th-floor pad at Manhattan's 432 Park Avenue for $90 million.
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6/5/2026 New York judges deal setback for Harry Macklowe in 432 Park legal battle - Real Deal

A New York appellate court ruled against the developer on Tuesday, rejecting his bid for indemnification in the long-running litigation over alleged construction defects at the Billionaires’ Row supertall. The developer’s argument hinged on his status as a member of the condo board from 2016 to 2020.
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6/2/2026 Luxury Development in NYC’s ‘Gritty’ East Village Quickly Sells Out as Last Penthouse Goes for $10M - Realtor.com

One of the last neighborhoods in Manhattan to retain some of the gritty allure of "old New York" is catching up in price point to swankier neighborhoods like the West Village and Chelsea. All 18 units ranging in price from $1 million to $10 million of an under-construction luxury development at 220 East 9th St. in the East Village sold out in 11 weeks, with the final unit going under contract just days ago.
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5/29/2026 $6M NYC condo to be forfeited by court order in the multibillion-dollar 1MDB sovereign wealth fraud - New York Post

The US government has obtained a judge’s order for the forfeiture of a $6 million luxury condo in the Flatiron district bought with money stolen from 1MDB, a Malaysian sovereign wealth fund at the center of one of the largest financial frauds in history, Gimme Shelter has learned exclusively.
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5/22/2026 Changes to lending rules from Fannie Mae and Freddie Mac alarm NYC condo buildings - Brick Underground

New York City condo buildings where buyers tend to rely on conventional financing face a looming deadline. New, stricter lending guidelines are going into effect with the potential to limit mortgage eligibility, shaking up many condo buildings across the city.
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5/20/2026 First look at Paragon, Long Island City’s first new waterfront condo in a decade - 6sqft

Here’s an exclusive look at the first new condo development built on the Long Island City waterfront in more than a decade. Developed by ZD Jasper and designed by Archimaera, the 23-story Paragon at 45-40 Vernon Boulevard incorporates the historic Paragon Paint Factory into the tower’s base.
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5/18/2026 This $22.5M maisonette offers townhouse privacy with classic Upper East Side co-op luxury - 6sqft

Known for their privacy and old-world Manhattan cachet, maisonettes often sound better in theory than in reality. But this massive 5,000-square-foot home at 2 East 70th Street on the Upper East Side, asking $22,500,000, delivers a reality that includes a private four-bedroom Fifth Avenue address, two floors of townhouse-style living, Central Park views, and all the perks that come with one of the city’s most coveted Rosario Candela co-ops.
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5/14/2026 Landmarked artists’ housing building on Billionaires’ Row is reborn as luxury condos - 6sqft

A landmarked building on Billionaires’ Row has been transformed into 47 luxury condos. Sales launched this week at Parc Beaufort, a 14-story tower at 140 West 57th Street originally built in 1908 as housing for artists. Led by the Feil Organization and MdeAS Architects, the conversion of the luxury condo preserved the building’s historic pre-war character while adding contemporary interiors by AD100 firm Stephen Sills Associates. Residences, ranging from studios to three-bedrooms, start at $955,000.
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5/12/2026 Another multimillion-dollar condo is selling at NYC’s famed Flatiron Building — as the highly anticipated conversion is nearly 33% sold - New York Post

Sales at the Flatiron Building certainly aren’t falling flat. Another unit inside the storied Manhattan edifice has entered into contract, according to Monday’s Olshan Luxury Market Report. The four-bedroom, 4.5-bathroom dwelling spans 3,889 square feet and asked $17.62 million for sale.
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5/6/2026 Renderings Revealed for Elodie At 439 East 77th Street on Manhattan’s Upper East Side - New York YIMBY

Renderings have been revealed for Elodie, a seven-story residential building under construction at 439 East 77th Street in the Lenox Hill section of Manhattan’s Upper East Side. Designed by ARC Architecture + Design Studio and developed in a joint venture between Salomon Cojab of Visabe Corp. and Jack Ezra Cattan of Urban Spring Capital called Grand Cru Real Estate, the 74-foot-tall structure will span 33,190 square feet and yield 16 condominium units with an average scope of 1,807 square feet.
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5/4/2026 The Pied-à-Terre Tax and Its Potential Revenues - Comptroller.NYC.Gov

A number of new taxes have been proposed this winter and spring to address the City’s structural budget gap. They range from a surcharge on high-income Personal Income Tax filers, to a partial recapture of the federal tax benefits accruing to Pass-Through Entity Tax filers, to higher rates for the City’s business income taxes, to higher real property transaction taxes on luxury properties at time of sale. One of the most likely, and possibly only, new tax revenue to be included in the FY 2027 State budget is a tax on pied-à-terre properties in New York City.
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4/30/2026 First look at The Morgan, an 18-story luxury condo rising on a tree-lined block in Murray Hill - 6sqft

The first images have been revealed for a new 18-story luxury condo taking shape on a tree-lined block in Murray Hill. Developed by the Continuum Company and Aksoy Holding and designed by INC Architecture & Design, The Morgan at 38 East 35th Street will include contemporary residences ranging from studios to three-bedrooms, along with select duplexes and penthouses. The developer has also launched a teaser website for the building along with the newly released renderings.
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4/29/2026 A Superluxury Condo Sold for $87.7 Million. Will NYC’s New Pied-à-Terre Tax Apply? - The City

A Billionaires’ Row penthouse that sold for $87.7 million. Sting’s pad overlooking Central Park, bought for $65.7 million. A Trump Tower apartment owned by Donald himself. These properties might seem like exactly the type of real estate that stands to be hit with a newly proposed “pied-à-terre” tax, which takes aim at high-priced homes that aren’t people’s primary residences.
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4/27/2026 Willdan Wins $27 Million Contract to Redesign and Implement New York City Accelerator Program - Business Wire

Willdan Group, Inc. (NASDAQ: WLDN) announced today that it has been awarded a $27 million, three-year contract with the New York City Mayor’s Office of Climate & Environmental Justice to redesign and implement the NYC Accelerator program. This program helps building owners and stakeholders reduce greenhouse gas emissions, comply with Local Law 97, and advance the City’s sustainability and green jobs objectives.
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4/23/2026 A Superluxury Condo Sold for $87.7 Million. Will NYC’s New Pied-à-Terre Tax Apply? - The City

4/21/2026 Battery Park City Authority tells court it can’t move forward with Lower Manhattan flood protection work without condo access - AmNY

The state authority behind a $2 billion Lower Manhattan flood resiliency project says a condo owner’s refusal to let it into their building could derail the coastal flood risk management system it’s working to build along the southern tip of Manhattan.
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4/16/2026 Fitness studio inks long-term lease at Gramercy condo building - Crain's

A fitness studio with three locations across New York City has signed a long-term lease in Gramercy.
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4/14/2026 This $16.4 Million N.Y.C. Condo Comes With Sprawling Views of Central Park - Robb Report

When property developer Daniel Grollo and his family relocated from Melbourne, Australia, to New York City in 2012, records indicate he acquired a multi-unit combination apartment on the 21st floor of the Trump Parc building overlooking Central Park for $14.25 million. Records show the following year he dropped $700,000 on a small adjacent unit, and in 2016, ponied up another $2 million for two more small units on the same floor, bringing his total outlay to just under $17.1 million.
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4/10/2026 HGTV design couple has their newest project — a boutique NYC condo that will also be their home - NY Post

Bob and Cortney Novogratz are moving to a modern penthouse in “Dimes Square,” Manhattan’s ever-trendy micro-nabe between the Lower East Side and Chinatown, Gimme Shelter can reveal. But first, they have to build it.
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