Leaks, Fires, & Construction Damages. Are You and Your Co-op or Condo Ready for the Next Crisis? Smith, Buss & Jacobs LLP

By Cooperator Studio 19 May 2022 Seminars

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News

12/4/2023 Holiday Tipping Guide: How much to tip your doorman, super, porter, and other staff—Brick Underground

You know you order more online than ever before, so spare a thought for the staff in your New York City apartment building who serve as a de facto receiving department, handling exponentially more deliveries of packages and food in this new work-from-home era.
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11/9/2023 Daisy Leads Property Management Revolution, Announces 100th Building Under Management—Business Wire

Daisy, at the forefront of the property management revolution, is thrilled to announce its 100th building partnership.
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11/9/2023 Co-op Transactions: Unmasking Hidden Discrimination—National Association of Realtors Magazine

When a New York State Association of REALTORS® member represented an openly gay city council member looking to purchase a co-op, the client brought an all-cash offer and retirement funds in excess of $150,000, But the co-op board rejected his application, giving no rationale.
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11/9/2023 How should co-op and condo boards navigate seller-financed purchases?—Brick Underground

Even if you’re a longtime New York City co-op or condo board member, you may not have encountered seller financing.
Read full story

11/6/2023 Homeowners associations can be a boon, or bust, for buyers. Here’s how to vet HOAs when house hunting—CNBC

Homebuyers are dealing with record-high costs this year amid interest rate hikes and shrinking supply.
Read full story

11/6/2023 Stroock, major real estate law firm, going out of business—The Real Deal

One of New York City’s most prominent real estate law firms is going out of business.
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10/31/2023 Tense hearing on building fines, broker fee bill stalls, & more—Brick Underground

This week, readers were interested in Brick’s recap of a heated public hearing held online that discussed relaxing fines for Local Law 97.
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10/25/2023 Post-Pandemic Urban Garden Trend Enhances City Residents’ Well-Being—Forbes

Our major cities have always been more “urban” than “jungle” when it comes to incorporating nature into the buildings where residents live.
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10/24/2023 Brick webinar recap: How your board can create a realistic budget and manage costs—Brick Underground

It’s tougher than ever to run a co-op or condo building in New York City as a result of inflation, rising labor costs, new regulations, insurance premium increases, and record-high interest rates.
Read full story

10/24/2023 NYC on track to build just 11,000 homes this year, half of 2022 total, report finds—6sqft

New York City will build just 11,000 new units of housing this year, a sharp decline from the year before and way below the number of homes needed to address the city’s current housing crisis.
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10/19/2023 Flood zones dampen pricing for properties in Manhattan, Brooklyn, and Queens—Brick Underground

Properties in flood zones sold less frequently and saw lower prices in 2023 compared to 2012 in Manhattan, Brooklyn, and Queens, according to a new report from PropertyShark.
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10/19/2023 NYC Homeowner Costs Are Rising at Three Times the Inflation Rate—Bloomberg

No one ever said living in New York City is cheap.
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10/19/2023 Heat pumps may be the solution to a host of problems, but can your building handle them?—Brick Underground

Heat pumps seem like a logical solution for individual New York City condo and co-op owners who want to regulate their own heat and switch to a more efficient, greener and cheaper energy source that has a new tax credit, so how should a board evaluate an owner or shareholder’s request to install them?
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10/16/2023 Need impartial eyes on your board election? Here’s how third-party oversight works—Brick Underground

While managing an election tends to be part of a co-op or condo board’s routine responsibilities, some buildings have turned to independent companies to handle the logistics, particularly for buildings hosting their meetings online.
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10/16/2023 Annie Leibovitz, Now an Empty-Nester, Lists Upper West Side Duplex—The New York Times

Annie Leibovitz is one of the world’s most celebrated and prolific photographers, with a deep portfolio of famous portraits, from John Lennon and Yoko Ono to Michelle Obama.
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10/16/2023 Blakeman sues company that owns Elmont building from which seniors were evacuated—News 12

Nassau County Executive Bruce Blakeman filed a lawsuit Wednesday against the co-op management company that owns the Elmont building from which hundreds of seniors were evacuated due to Friday's flooding.
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10/16/2023 Inside John Steinbeck’s Upper East Side writer’s den listed for $2.99M—NY Post

John Steinbeck, the great American writer of “Of Mice and Men” and “East of Eden,” lived in this Upper East Side home from 1963 until his death in 1968 at age 66.
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10/16/2023 Brooklyn Real Estate Market Moves Sideways, Third-Quarter Reports Say—Brownstoner

Call the Brooklyn real estate market sclerotic, but it’s neither crashing nor booming, according to third-quarter reports out today. In fact, the numbers mimic the market before Covid, although conditions have changed.
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10/5/2023 Sales Of New Condos In Manhattan Fall 40% From Prior Quarter—Bisnow

Just 241 contracts were signed for newly developed condo units in Manhattan last quarter, according to a new report — down 40% from the previous quarter and 30% from a year ago.
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10/5/2023 Manhattan co-op and condo prices appear to be ‘stabilizing’—Brick Underground

The median sales price for Manhattan co-op and condos fell again in the third quarter, but the drop was not as steep as prior quarters, a sign that prices are “stabilizing.”
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Leaks, Fires, & Construction Damages. Are You and Your Co-op or Condo Ready for the Next Crisis? Smith, Buss & Jacobs LLP

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