Every year, co-ops and condos spend serious time and energy compiling their operating budgets. The process can start as early as September, with an evaluation of the first eight months of expenses for the past year–the primary purpose of wh…
Many co-op and condo-dwellers have been looking inward of late, concentrating their energy and income on making improvements to their buildings and personal spaces, rather than spending money on travel, entertainment, and other more extrove…
Since 9/11, terrorism has become a palpable new threat against the lives and property of American citizens. Not only has our peace of mind been compromised, but the attack on the WTC has affected lives in other, less obvious ways. Cons…
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…