All board members should be involved in the budgeting process of their building. However, board members come from a wide array of professional backgrounds, and often lack experience managing large budgets and do not know how to effectively …
The numerous, rapid conversions of the 1980s resulted in many cases of sponsor default in the early ‘90s. But as the number of building conversions slowed in the ‘90s, it seems that potential conflict between shareholders and the sponsor ma…
A good treasurer is crucial to the well-being of any co-op or condo. Unfortunately, the position is, without a doubt, one of the most challenging offices to hold. Carl M. Cesarano, CPA, a partner with Cesarano & Khan PC in Rego Park, Queens…
While the real estate market today is going strong, there are still buildings facing financial troubles. Many of these are victims of the collapsed real estate market of the late 1980s and early ‘90s. The market may have dropped after the c…
You don’t need a calendar to know that the holiday season is almost upon us–just look around: from elaborate window displays in department stores to the subtle decorations like wreaths and lights, it’s hard to ignore the various decorations…
It’s happened twice recently. In the summer of 1994, 72 New York property managers were convicted of taking kickbacks from contractors and extorting payoffs. This resulted in a $4 million restitution fund. Then, just last summer, 21 corpora…
You are about to read tales of greed and corruption, costly incompetence and outright thievery. There is even a little sex and gambling thrown into the mix. Stories from television soap operas? No, these are the days of our lives in the New…
Early in the 20th Century, and until the 1950s, the oil industry as we know it today did not exist. Homes were heated with coal, and some readers who wish to date themselves may still remember cleaning the ashes and soot out of a furnace or…
Not entirely satisfied with the performance of your management company? Chances are your board hasn’t sought a new agent because they were frightened of the transition. Such is the case with many of the buildings that have interviewed Ronni…