"¢ Borrower must be age 62 or older "¢ No monthly payment is required "¢ Must obtain co-op board approval in most cases "¢ Proceeds can be used for any purpose "¢ No financial reports, credit history or medical reports …
The primary function of a board of a co-op or condo is to operate, maintain, repair and preserve the common property. The board also has a responsibility to maintain the value of the property. Most boards develop an annual operating b…
Say the words "80/20 rule" to a New York City co-op board, and you may be met with groans and furrowed brows. A provision in Section 216 of the Internal Revenue Service (IRS) tax code, the 80/20 rule limits the amount of commercial revenu…
With today's uncertain economy and the prices of everything from gas to insurance on the rise, maintenance increases may be on the horizon for thousands more co-op and condo owners this year. Shelling out money is never a pleasure, but tho…
New York City has been in the midst of a real estate boom for the last several years. Even with the economy in recession and the lingering effects of 9/11, homeowners have seen their apartments double, even triple in value in as little as …
Cooperative buildings should be run like businesses, with prudent investing and organized budgeting practices in place. As many buildings that have been on the brink of financial disaster can tell you, if you ignore these aspects of runnin…
With all of the negative headlines involving multi-national corporations over the past few years, fraud has been elevated to the forefront of financial topics. This is the theme of a new accounting pronouncement that becomes effective this…
Solar powered panels dotting rooftops. Recycled waste water replenishing toilets. Geothermal heat pumps for heating and cooling. Filtered fresh air into apartments. What's next? Sheep grazing in the Sheep Meadow? Not necessarily, but …
It's hard enough balancing our own personal budgets without having to worry about an entire city's bottom line. But that's exactly what New York City Mayor Michael Bloomberg asked property owners to do last year when he sought a tax hike o…
With increasing costs for heating fuel, insurance, real estate taxes and the like taking a bite out of the operating budget of most every co-op and condo in the city, some cost saving measures can help stem the tide of rising costs. Payrol…