Q. One of our condo units that the owner was renting out to a tenant is now in foreclosure. But before the unit went into foreclosure, the owner (who has been missing in action) was behind on the common charges and the condo board was tak…
Q. Is there a lawful limit on assessments and maintenance increases that a co-op board can inflict upon shareholders/tenants in one year or one period? Please advise. —Watching My Wallet A. “There is n…
Q. A few days ago my 80-year-old uncle, who resides at a co-op in Queens, called me to tell me that his co-op board has informed the shareholders that a $1,000 fine will be issued to anyone not wearing a mask or facial covering during the…
Even before the COVID-19 crisis hit, the question of where real estate values were going was the elephant lurking in the corner of the room. Some submarkets (like Florida, for example) were strong—and getting stronger. Others (like New York…
Each year, boards are tasked with figuring out the costs associated with all aspects of their community’s operations, including any capital repairs or improvements they plan to undertake in the coming fiscal year, and then making sure the r…
Among the many realities made visible (or more visible) by the COVID-19 crisis is the domino theory: when one falls, the others follow. Conceived (and largely disproven) as a political metaphor, the notion has proven more useful when applie…
As New York continues its efforts to re-open its economy safely amid the continuing (and in many states, intensifying) COVID-19 crisis, there is concern about what the residential housing market - which had experienced a decline even before…
There was a time some hundred years ago that Great Neck -- not the Hamptons -- was the weekend and summer playground of the rich. A short drive away from Manhattan (there was no bumper-to-bumper traffic then) brought city dwellers to ‘the c…
The New York City Department of Buildings (DOB) recently published an amended rule that increases the filing fees for Facade Inspection Safety Program (FISP) Reports required to be conducted cyclically by owners of buildings taller than…
As New York City enters Phase 2 of the state’s reopening plans during the COVID-19 pandemic, residential buildings must determine how, when, and even if they will resume certain functions and services that were shut down or curtailed in…