One might assume that the insurance policies carried by a building would cover any mishaps that would affect residents. This, however, is a misconception. A co-op corporation or condo association takes responsibility for the structural aspe…
New York City is currently enjoying a period of prosperity and low crime rates. However, no matter how safe a building appears to be, it is important that the board doesn’t relax building security. If a building isn’t adequately secured, it…
Insurance is always a "hot-button" topic among co-op corporations and condo association boards. Since insurance is an annual expense that is not mandated by a union contract or a city tax assessment, many boards regularly "shop" their cover…
Whether you’re a co-op or condo owner or on your building’s board, you are considered a primary user of the property’s financial statements. As such, you should definitely make it a point to understand what you’re looking at–to not only be …
Many expenses, small and large, are involved in the process of managing a residential building. A majority of these are unavoidable, such as mortgage payments in the case of a co-op, utility costs and payroll; however, when large sums of…
All healthy co-ops or condos possess healthy bank accounts. One way to make sure that financial glow stays bright is to infuse it with extra income, above and beyond the usual monthly fees and payments. There are a number of options for bri…
By now, it is evident that the Internet is to our generation what the West was to our founding fathers–a vast land of opportunity to explore and cultivate. The World Wide Web has already established itself as a place to obtain information, …
Quick: the first residential co-op was created in (a) 2000 BC (b) the 1700’s (c) the 1800’s (d) the 20th century. Now, don’t laugh off choice "a," 2000 BC. While there doesn’t appear to have been co-ops quite that far back, there are record…
Daniel J. Wollman, chief executive officer and managing director of Gumley-Haft Real Estate, is not the executive one would expect to see as head of one of Manhattan’s premier residential real estate management firms. Casually dressed and s…
