New York City co-op and condo boards are facing a more complex, regulated, and expensive property management landscape. Rising operating costs, evolving local laws, insurance challenges, and residents’ expectations mean that “business as us…
The call came in the middle of an extreme cold snap: the boiler at condo building in Queens had gone down and the building had no heat and no hot water. This property runs on a dual-fuel boiler system that can operate on either natural gas …
Spring cleaning in a multifamily building is as much about protecting value, reducing liability, and showing residents that their building is well cared for as it is about simply tidying up after months of slush and salt. For managers and b…
Increasing residents’ monthly fees is never popular, but with insurance, labor, materials, utilities, code compliance and other operational costs rising across the board, your building’s cash inflow needs to reflect economic realities in or…
Transparency is touted as a cornerstone of good board governance. Shareholders and unit owners want—and have the right—to see what goes on behind the curtain at board meetings and better understand why certain decisions are made. Residents …
Most U.S. municipalities have local laws on their books governing how exterior building façades must be inspected, maintained and repaired. While such legislation is occasionally enacted at the state level, generally these laws are a local …
The rules governing co-op housing in New York City are constantly changing and evolving. One new regulation with major implications for co-op boards is the City Council’s Intro 1120-B, which went into effect in January after bouncing around…
According to a recent item from the National Housing Conference (NHC) in Washington, DC, home prices have surged far faster than local incomes over the past two decades. According to the NHC, a new analysis from the Federal Reserve Ba…
For decades, New York State’s laws governing cooperatives and condominiums have largely remained the same: co‑op boards make decisions about sales and finances behind closed doors, condos run on their own governance, and residents’ rights b…
In a final legislative onslaught at the end of his term, former Mayor Eric Adams vetoed 19 City Council bills. With Adams now out of office, the Council voted recently to override 17 of these vetoes—three of which affect co-ops and condos: …