2008 July
Focus on... Budget & Finance

Finance Taking a Bite out of the Big Apple
2008 July Taking a Bite out of the Big Apple

In most cities, traditionally, the choicest pieces of real estate are owned by native sons and daughters, people who are from the area. Money comes in from everywhere, but the entrepreneurs making that money are homegrown. Heinz and Carn…

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Finance New Options for Co-ops
2008 July New Options for Co-ops

As many readers are by now aware, a rule that proved a hindrance to the operations of many co-ops in New York was drastically altered in December of last year--and the changes are having far-reaching effects on the city's co-op communities.…

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Finance The Right of First Refusal
2008 July The Right of First Refusal

Co-op boards are notorious for scrutinizing potential shareholders. Condos, on the other hand, are often thought of as more lenient—and thus more desirable—by buyers because condo boards lack the power to probe too deeply into a buyer’s per…

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Finance Foreclosure Epidemic Skips Big Apple...So Far
2008 July Foreclosure Epidemic Skips Big Apple...So Far

Whether you own your own home or not, you can’t help but know about the subprime mortgage crisis that is sweeping across America as foreclosures are claiming people’s homes everywhere we look. Well, almost everywhere. Even in light …

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Finance Dealing with Special Assessments
2008 July Dealing with Special Assessments

Boston, Massachusetts may seem worlds away from New York City, but the story of one embattled condo building there represents a dire cautionary tale for boards and managers everywhere. A couple of years ago, the residents of Boston’s H…

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Finance Who Makes the Cut
2008 July Who Makes the Cut

When the author of this story bought her home, she sat in disbelief when the lawyers handed her the last paper to sign—the one that confirmed she signed all the other papers! The confusion wasn’t surprising; the home-buying process …

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Interior Ordering Supplies for Your Building
2008 July Ordering Supplies for Your Building

Along with big-ticket items like boilers, HVAC systems, and the like, residential buildings also have to purchase lots of little, everyday things like cleaning supplies, light bulbs, and paper products to keep up with day-to-day maintena…

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Finance Money Makes the Board Go Round
2008 July Money Makes the Board Go Round

They don’t call it “the bottom line” for nothing. When all is said and done, pretty much everything in business (okay, pretty much everything, period) comes down to money. In most business situations, a chief executive officer or a compa…

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Neighborhoods Living the Loft Life
2008 July Living the Loft Life

If only I had had an extra $100,000 25 years ago. (OK—an extra $100,000, today would be good too.) But that’s what I kept thinking as I sat chatting with Oliver Allen, a retired journalist and author who is now a regular contributor to h…

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Q&A Q&A: Board Ignoring Quorum
2008 July Q&A: Board Ignoring Quorum

Q Our co-op has not had an election for the board since 2004. Many shareholders rent their units and are concerned that the sponsor has two seats on the board and owns/runs the management company and rental office from here. The problem i…

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Q&A Q&A: Can Minority Shareholders Force an Election?
2008 July Q&A: Can Minority Shareholders Force an Election?

Q Our president resigned before the board appointed officer positions, but he showed up at the meeting in which a new officer was appointed to the board. Now the board wants to fill the seat that the president resigned from, with some…

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Q&A Q&A: Replacing Terraces
2008 July Q&A: Replacing Terraces

Q Our condominium board of managers is planning to replace all the terraces in our condo, claiming they are common elements. Is that correct, or is each terrace the property of the unit owner? Should all the unit owners be assessed or onl…

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Q&A Q&A: Who Pays the Assessment?
2008 July Q&A: Who Pays the Assessment?

Q There is a question in my building as to whether or not a new homeowner is responsible for paying an assessment that was extended by the HOA board before the transaction was completed. The previous homeowner paid the two-year assessment…

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Q&A Q&A: Rotten Support Beams
2008 July Q&A: Rotten Support Beams

Q I own an apartment in a building that was constructed in 1889. The floors in the apartment slope as the building has settled over the years. Recently, the bathroom floor has cracked and is showing signs of sinking. I’m afraid the suppor…

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Q&A Q&A: Submitting Candidate Filing Forms
2008 July Q&A: Submitting Candidate Filing Forms

Q I have a question regarding running for the board of directors, particularly the election rules. Can shareholders submit a candidate filing form after the filing deadline? The form was posted and the date has passed. Can the board accep…

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