Amenities can be a major selling point for any co-op or condo. You don't have to be Jillian Michaels these days to have a spa or full gym at home. Naturally, they add to the property value of the building as a whole, as well as to the indiv…

In the context of multifamily communities, there are two kinds of budgets: a capital, or reserve budget, and an operating budget. Capital budgets apply to long-term, big-ticket projects like new roofs or an HVAC overhaul. By contrast, the o…

Donald Trump makes it look so easy. “You’re fired,” he declares firmly, terminating an aspiring apprentice from the popular reality TV series, who will never be seen from again.  In reality (and reality TV is not reality), the issue of ter…

When finances get tight—the last recession period comes to mind—boards and managing agents often look for ways to increase revenues or decrease expenditures. In some cases, the answer is a flip tax, a “transfer fee” that is paid to the co-o…

In 1955, when many city neighborhoods were deteriorating and the flight to the suburbs was going full blast, the Mitchell-Lama bill, named after state Sen. McNeil Mitchell and Assemblyman Alfred Lama, was signed into law in New York State. …

Every year, like clockwork, Wayne Bellet, owner of Bellet Construction in Manhattan, says that he gets multiple requests for his company to scrape, prime and paint metal fire escapes. “It’s silly, because it’s so easy to do, and building m…

The experience of condo and co-op board members can often feel like a juggling act. There are varied interests in the community that want different things. There's legal counsel, financial advisers, and managers who try to offer the best pr…

Generally, board directors in condos and HOAs are volunteers who live in the building and want to assist in protecting their investment. Often, however, new board members enter positions without knowing the full scope of expected responsibi…

Recently, have you noticed that your managing agent has exchanged his old Toyota for a new Mercedes? Has he installed a new addition to his house? Has he appeared erratic...and returning from jaunts to Atlantic City all the time? If so, it …

Accepting a board position for a homeowners association is no easy task- you can please some of the residents some of the time, but rarely if ever can you please everyone. For board members, serving the community they live in may seem like …