Insurance Products Boards Should Know About What's New?

By Cooperator Studio 10 August 2016 Insurance

Industry pros let us in on some of what's new and notable in the insurance arena.

The insurance industry is like any other—it's constantly evolving, with new products and ideas coming to market all the time. To keep up with what's new—and what could be of use to you and your co-op or condo community—it's important to consult regularly with your insurance professional.

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News

9/10/2026 Brooklyn developer must repay $6M+ to condo buyers after illegal sales - 6sqft

A Brooklyn condo developer who cheated tenants out of more than $6 million in down payments must repay the money and is banned from selling property in New York for six years. Attorney General Letitia James last week announced that the state secured the funds from 425 Marcy, LLC, and its principal, Ezra Unger, who she said unlawfully sold units and collected down payments for apartments in Williamsburg before he was legally permitted to do so. Unger then illegally used buyers’ down payments for various expenses instead of keeping the money in escrow.
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9/8/2026 Co-op and Condos United rally for amendments to Local Law 97 - NYREJ

Manhattan, NY Co-op and Condos United of New York (CCU), a coalition of co-op and condo owners from across the five boroughs that represents the interests of the more than one million New York homeowners who live in this type of housing, hosted a rally at the Southbridge Towers Co-op in Lower Manhattan to raise awareness about the affordability crisis currently blighting the cooperative housing community. Building on momentum following a recent rally at Bell Park Manor, the event brought co-op leaders and residents together to address Local Law 97 (LL97) and the heavy financial burden it is placing on co-ops and condos.
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9/4/2026 What NYC Co-op and Condo Boards Need to Know About Corporate Transparency Act Exemptions - National Law Review

FinCEN has finalized a rule that permanently exempts most domestic entities from Corporate Transparency Act (CTA) beneficial ownership reporting requirements. As a result, cooperative corporations, condominium-related entities, and other community associations organized in the United States generally are no longer required to file Beneficial Ownership Information (BOI) reports with FinCEN, and their board members, officers, and directors generally are no longer required to provide or update personal beneficial ownership information in connection with those filings.
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8/31/2026 Resident at Long Island condo complex says he's "afraid for my life" after mudslide behind building - CBS

Recent rains have taken a dramatic toll on one condominium complex on Long Island. One of the unit owners says he feels in danger, living on the edge of a steep drop-off.
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8/27/2026 NYC’s Condo Pipeline Set to Shrink 11% Through 2029 - CRE Daily

New York City’s pipeline of new-construction condos for sale is set to shrink, with new condo launches projected to fall 11% through 2029, according to Corcoran Sunshine Marketing Group’s 2026 Pipeline report, as reported by Bloomberg. An average of 13,000 condo and rental units will come to market annually through 2029, down from a 13,400 average over the past decade. In total, about 52,000 combined market-rate condo and rental units are expected to launch across Manhattan and the studied areas of Brooklyn and Queens through the period.
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8/21/2026 NYC co-op and condo owners claim they're overpaying property taxes: 'We want a refund' - ABC

While Mayor Zohran Mamdani is taking new action to "tax the rich" on their second homes in New York City, some everyday New Yorkers say they've been overpaying their property taxes and having trouble getting refunds.
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8/17/2026 Pied-À-Terre Tax Won't Deter Buyers Long Term, Developers Say - BisNow

President Donald Trump has taken aim at Mayor Zohran Mamdani’s initiative to levy an extra tax on New York City pieds-à-terre, which is already embroiled in a bureaucratic tug-of-war in the city's courts.
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8/14/2026 NYC Billionaire’s Row tower where it’s raining ‘chunks of concrete’ losing value fast: ‘It’s too dangerous’ - New York Post

As drones circle the 1,396-foot tower and repair work begins at 432 Park Avenue, the 94th floor skypad at the beleaguered building has sold for $22 million, Gimme Shelter has learned — a stunning comedown from its original $33 million ask two years ago, and a $3.75 million gut-punch from the $25.75 million price it went into contract at earlier this month.
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8/12/2026 NYC co-op and condo owners claim they're overpaying property taxes: 'We want a refund' - ABC

8/10/2026 NYCHA Tenants Sue Over Police Access to Surveillance Cameras, And What Else Happened This Week in Housing - City Limits

Two NYCHA tenant associations in Brooklyn accused the city of violating residents’ rights by covertly using a free internet program to give police access to public housing surveillance cameras, according to a lawsuit filed Thursday.
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8/6/2026 Aggressive HOAs are running out of money and foreclosing on more residents than ever before - New York Post

America’s homeowners associations are running out of money — and patience. Amid rising insurance premiums, drained reserve funds and increased safety measures in the wake of the Surfside condominium collapse, the country’s hundreds of thousands of homeowners associations are cracking down on delinquent residents.
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8/4/2026 NYC extends pied-à-terre tax exemption deadline by 4 weeks amid confusion - 6sqft

New York City has given homeowners who received notices that they may be subject to the new pied-à-terre surcharge an extra four weeks to apply for exemptions, following criticism over the rollout of the notices. Mayor Zohran Mamdani and Department of Finance (DOF) Commissioner Richard Lee on Saturday announced the deadline extension, which gives eligible property owners until September 18 to submit exemption applications for surcharges on their non-primary residences. The city began notifying eligible property owners late last month, and the rollout came under heavy criticism from some homeowners who said they received notices despite not qualifying for the new tax.
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7/31/2026 Kings Capital snaps up vacant NoLita lot with plans for boutique condo building - Crain's

A Chelsea-based real estate firm has purchased a development site in Manhattan’s trendy NoLita neighborhood with plans to turn the property into a boutique condo building.
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7/29/2026 Co-op and condo group makes affordability pitch to NYC’s affordability mayor - Gothamist

Rents are not the only thing driving up housing costs for New Yorkers. The Council of New York Cooperatives and Condominiums says rising prices for insurance, fuel and maintenance are threatening to push residents out of some of the last bastions of affordable homeownership in New York City: co-ops and condos.
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7/27/2026 Property Dispute Forces Redesign of $2B Flood Wall for Battery Park City - The City Reporter

Part of an embattled flood protection project in Lower Manhattan will need a redesign after local condo owners and a state entity couldn’t reach a deal on access to private areas during construction — keeping public space closed for longer and delaying a climate resilience effort that’s been in the works for more than a decade.
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7/24/2026 Which NYC neighborhoods top the most expensive list of the year thus far? The devil is in the details. - amNY

Buying a home in the city is more expensive than ever with a citywide median sale price of $825,000 compared to the same time period last year, according to an analysis of residential real estate sales released Wednesday by Property Shark.
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7/22/2026 How a leaky toilet spiraled into a NYC apartment left in ruins and a 9-year lawsuit seeking $750K in damages - New York Post

It all started on a soggy Sunday afternoon in June 2017 — and has since grown into a rather crappy ordeal. Gary Paul was sitting on the toilet in his Upper West Side studio co-op apartment reading the paper when he claims he noticed brown dirt oozing down his bathroom mirrors. Looking up, he said he saw the crown molding splitting. Then came the sound: water rushing inside the walls, running down the pipes.
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7/20/2026 Inside the 500-Foot Boutique Condominium Coming to New York’s Greenwich Village - Robb Report

A new residential tower rising just off Fifth Avenue is set to reshape the Greenwich Village skyline—much of it has remained under wraps, but Robb Report just got a first look. Developed by Legion Investment Group and EJS Group, the aptly named Greenwich Spire at 11 West 13th Street will measure a lofty 500 feet tall but offer just 34 residences, adding a layer of exclusivity.
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7/16/2026 Harlem to get 11-story condo with 72 residences and a daycare - 6sqft

Plans to build an 11-story condominium in Harlem are moving ahead after the development team secured $45 million in construction financing this week. SCALE Lending, the debt financing arm of Slate Property Group, announced Tuesday that it issued the loan to Mass Development for the multifamily project at 264-272 West 135th Street. The ground-up building will feature studio to three-bedroom condos, half of which will include balconies, along with retail space, community facility, and resident amenities.
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7/14/2026 Manhattan luxury real estate market plummets after Mamdani pied-à-terre tax goes into effect - NY Post

Manhattan’s luxury real estate market ground to a halt last week, with just one trophy home asking more than $10 million entering contract — as brokers told The Post that anti-wealth rhetoric from Mayor Zohran Mamdani and the controversial pied-à-terre tax are spooking affluent buyers.
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