If an electrical fire destroys your newly renovated kitchen, will your co-op pay to replace your space-age stove and slate countertops? If a pipe bursts in your condo and your $10,000 wallpaper is ruined, who pays to fix it? The answers to…
After the terror attacks of 2001, many co-op and condo buildings in the New York area got another nasty shock: insurance premiums suddenly spiraled upward as much as 50 percent or more in the space of one or two billing periods. Some build…
You live in a doorman building on the Upper East Side - your building has a health club, a concierge, and an attentive board/management team that keeps everything running smoothly, 24/7. With what you're paying in monthly maintenance, you …
The ads fill the television airwaves each day. Dozens of lawyers encouraging injured parties to sue and collect their claims. It's there on the street, too; every time someone slips or falls in front of a building, there's that look of pan…
In today's low interest rate environment, refinancing is the top agenda item for many cooperatives. However, while the current interest rates would seem to guarantee a "win-win" situation, a savvy board must take into account more than ju…
Many buildings have square footage hidden away that could be converted to residential use. Hallways, rooftops, unused garbage rooms, basement closets, abandoned water tank rooms - all are potential additions to an adjacent shareholder's ap…
A taxpayer normally recognizes gain or loss realized on the sale or exchange of property. However, pursuant to Section 1031 of the tax code, there is no recognition of gain or loss on the exchange of property for like-kind property. …
Sometimes a board has no choice about when to repair or replace some building feature or piece of equipment. If the boiler goes on the fritz in January, for example, it has to be fixed - period. Other projects, like interior design and ren…
In 1998, after receiving a "bill" for zero dollars and zero cents for the prior year's school taxes, some New York State property owners wrote checks to the government in that amount. They were convinced that a clerical error had been mad…
While many New Yorkers have navigated the process of applying and interviewing for - and eventually buying - a co-op or condo, securing a mortgage can be a complex, sometimes, lengthy process in which professional advice is recommended and…