By its very definition, insurance coverage is planned protection against both the expected and the unexpected. Life insurance clearly provides financial security in the event of death, which of course is an eventual certainty. But at the sa…
According to a recent notice from New York City-based firm RAND Engineering & Architecture DPC, following the precedent set at New York City's restaurants, building owners will now have letter grades posted outside their entrances as well. …
Reserve funds are a normal - and crucial - component of the budget for any co-op and condominium community. Lenders of all types, whether it be the banking institution that holds the underlying permanent mortgage on an entire co-op building…
The New York City Department of Buildings (DOB) has announced an Amnesty Program for owners of buildings who failed to file a Facade Inspection Safety Program (FISP) report in the 8th Cycle, which ended on February 21, 2020. While most …
Even before the COVID-19 crisis hit, the question of where real estate values were going was the elephant lurking in the corner of the room. Some submarkets (like Florida, for example) were strong—and getting stronger. Others (like New York…
Each year, boards are tasked with figuring out the costs associated with all aspects of their community’s operations, including any capital repairs or improvements they plan to undertake in the coming fiscal year, and then making sure the r…
Among the many realities made visible (or more visible) by the COVID-19 crisis is the domino theory: when one falls, the others follow. Conceived (and largely disproven) as a political metaphor, the notion has proven more useful when applie…
It’s a question we’re asked all the time: "Can we use reserves to cover an operating fund shortfall?" Under normal circumstances, our standard response would be an emphatic “No!” -- because reserves are for major repair and replacement proj…
As New York City continues to reopen, the Department of Buildings (DOB) has issued guidance and mandated protocols to promote safety and health on all job sites. After launching a citywide inspection sweep of every permitted site to verif…
The COVID-19 pandemic is a once-in-a-century event (at least we hope so!) that has changed the way we work, play and live our lives in general. For residents of co-ops, condos, and HOAs with shared amenities, or where many common areas are …