Building house rules are the "Thou shalt not’s" of the co-op and condo world. Unlike the proprietary lease or bylaws, which cover operational and administrative matters, the house rules cover behavior of the residents–you know, the types of…
Many New York City co-ops have garages leased to the sponsor dating back to the co-op’s conversion. Though these garages, described by one judge as "a veritable gold-mine," throw off riches mostly to the sponsor, a little-known federal stat…
One might assume that the insurance policies carried by a building would cover any mishaps that would affect residents. This, however, is a misconception. A co-op corporation or condo association takes responsibility for the structural aspe…
New York City is currently enjoying a period of prosperity and low crime rates. However, no matter how safe a building appears to be, it is important that the board doesn’t relax building security. If a building isn’t adequately secured, it…
Insurance is always a "hot-button" topic among co-op corporations and condo association boards. Since insurance is an annual expense that is not mandated by a union contract or a city tax assessment, many boards regularly "shop" their cover…
Chinese lamps, leather chairs and carpeting reminiscent of the orient set the mood of subtle elegance in the lobby of Douglas Elliman’s executive offices. Company publications, Treasury of Fine Homes and Folio of Fine Homes, are set out for…
Real estate in the New York Metropolitan area is hot. Ask any broker and they will tell you that their job is getting more and more difficult because there is simply no supply. Many sellers are having a hard time committing to a sale becaus…
Literally a pebble’s throw from Lower Manhattan, Brooklyn’s DUMBO is one of the most exciting and happening growth areas in the city. An acronym for Down Under the Manhattan Bridge Overpass, it is an area roughly bounded by the Manhattan…
In today’s booming real estate market everyone is looking to turn a profit. Should co-op shareholders be any different? Everyone wants a piece of the pie but at what cost? Subletting cooperative apartments can be very simple if you follow t…
Whether you’re a co-op or condo owner or on your building’s board, you are considered a primary user of the property’s financial statements. As such, you should definitely make it a point to understand what you’re looking at–to not only be …