In the hybrid part-owner/part-tenant world of co-op living, there exists an interesting and unique financial instrument: the underlying permanent mortgage . Part of the overall financing structure for any co-op, the underlying mortgage …

The benchmark for calculating capital gains on your unit is determining your cost basis in the unit. The cost basis for co-op and condominium units is calculated on the original purchase price of the shares or unit, plus capital improvement…

Climate change notwithstanding, the onset of winter in our area generally means more wear-and-tear on buildings than any other time of year. Snow, ice and freezing temperatures can cause costly damage. That's why it's so important to make s…

Hiring a new management company - to replace your current company, or for the first time ever - is a big deal for a board. Knowing what to look for in the person or people who will be handling crucial business and administration for your co…

When it comes to co-op or condo, home improvements are a personal thing, reflecting the style and taste of the owner, and impacting the functionality of the unit. A prime example of this are built-ins; those personalized furnishings that pr…

In-house gyms and fitness centers are some of the most popular amenities a co-op, condo, or HOA can offer residents and prospective buyers -- but just plunking down a treadmill and some barbells in a common room doesn't exactly qualify. In …

As the market for co-op and condo units continues to soften in Manhattan and throughout New York City, co-ops and condos are looking to make themselves more competitive. One area where existing co-ops and associations can raise their profil…

Manhattan's Central Park Tower has reached a special milestone. Developer Extell said in a press release that its luxury condo project on West 57 th Street – in the area known as 'Billionaires' Row' – has topped out at 1,550 feet, m…

As much as a prudent, conscientious board may try to keep a lid on expenditures, sometimes shelling out is unavoidable. When it comes to legal costs though, 'shelling out' can often result in a bad case of sticker shock. In this clip, legal…

An underlying permanent mortgage (UPM) is a commercial loan, not a residential loan like your co-op mortgage. As such, it carries additional and different terms and conditions than a residential mortgage. When selecting a mortgage for your…