By their nature, co-ops and condos are about ownership, common interests and camaraderie. They are also predicated upon the sharing of costs–both of the day-to-day maintenance of the property, as well as periodic capital expenditures. As wi…
The prevailing economic climate has given rise to concerns for us all, especially co-op and condo boards currently in the process of budget preparation. The natural course of action would seem to be to review past budget-related decisions a…
As the future of the economy remains questionable, the matter of your building’s finances begs the question: Should your co-op or condo board reexamine how you invest your reserve fund? No doubt, this has already crossed your mind, but even…
The side of your residential building is a windowless plane of painted brick that stands ten stories higher than the adjacent co-op, clearly visible from the well-trafficked Queensboro Bridge. The side of the building has deteriorated a bit…
When Irwin Cohen, president of Manhattan’s A. Michael Tyler Realty came on board in 1997 to manage a ten-unit co-op on the Upper East Side, the building was on the verge of bankruptcy. In addition to depleting their reserve fund to pay for …
In the wake of the World Trade Center attack, many boards are re-assessing their building’s security needs and taking steps to insure that their residents and residents’ property are well looked-after. Clearly, a building’s most valuable co…
Here in New York, where real estate values have risen to unprecedented levels, limited equity co-ops created under the Mitchell-Lama program are presented with the choice of either embracing their own dizzying market value by removing the r…
The well-known business guru Peter Drucker once said, "Long-range planning does not deal with future decisions, but with the future of present decisions." This is the basic philosophy professional financial planners use in guiding their …
If someone were to tell you that as a New York co-op or condominium owner you may be throwing away up to $1,000 a year on unnecessary taxes, you’d probably be pretty indignant, right? No matter who you are or what you do, a thousand bucks i…
The time has come to ask yourself some tough questions: Do I find myself constantly sneaking my clothing into my partner’s closet? Am I running out of drawer space because my bureau is overflowing with items I can’t fit into my tiny closet?…