2011 July
Focus on... Budget & Finance

Finance Money in the Bank
2011 July Money in the Bank

 Perhaps one of the most difficult aspects of the recent recession was the sudden  evaporation of credit from major banks and lending institutions. The logic  behind it was understandable: too much easy credit had led, in part, to the  col…

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Finance Planning for the Worst
2011 July Planning for the Worst

 Tsunamis, earthquakes, tornadoes—these are just a few of the devastating disasters that have made headlines  already in 2011 and the emergency situations that resulted many never thought  possible.    As the past year’s calamitous …

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Finance Shopping Smart
2011 July Shopping Smart

 The day-to-day costs of running a multifamily residential building are  significant. There’s the fuel oil, electric, cleaning supplies, equipment maintenance and service  calls for repair and upkeep. Then there are the insurance costs, la…

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Finance The Impact of Arrears
2011 July The Impact of Arrears

 As the recession has lingered on since 2008, co-op and condo buildings  throughout the city—from luxurious downtown buildings to middle-income and lower-income walkups—have found more of their residents in arrears with their monthly fees.…

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Finance Use it Or Lose it
2011 July Use it Or Lose it

During the real estate boom of the last decades, many new condo buildings used to use extravagant amenities as a tool for new buyers. Marble-top counters, exercise rooms, Jacuzzis, free cars for buyers, childrens' playrooms, computer lo…

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Finance A Precious Commodity in the Big Apple
2011 July A Precious Commodity in the Big Apple

 Owners of New York City co-ops or condos with parking garages in or adjacent to  their building are blessed in so many ways. The ability to drive right into  your building without the aggravation of hunting down a parking spot provides a …

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Finance Good Board, Bad Board
2011 July Good Board, Bad Board

No matter if they're overseeing a towering high-rise or a sprawling suburban association, co-op and condo boards usually have their fair share of problems to be solved and emergencies to be defused. Talk to enough people who have dealt…

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Neighborhoods Long Beach
2011 July Long Beach

 Imagine a quiet oceanfront community with powdery, white sand beaches, wonderful  restaurants, a thriving cultural scene, and all of this less than an hour away  from Midtown New York City. Look no further than Long Beach.    Long …

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Q&A Q&A: A Downward Modification Adjustment?
2011 July Q&A: A Downward Modification Adjustment?

Q My question is, since Co-op City (in the Bronx) determines carrying charges based on household income, if there's a change in the household income whereby one of the occupants is unemployed shouldn't there be a downward modificatio…

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Q&A Q&A: Dealing with an Intimidating Board President
2011 July Q&A: Dealing with an Intimidating Board President

Q We have a president in a cooperative building that has secret meetings and does everything possible to force his ideas on the membership. He is seemingly vindictive and tells owners if they don’t like it they can move. What can we d…

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Q&A Q&A: Candidates and Proxy Ballots
2011 July Q&A: Candidates and Proxy Ballots

Q Can the person running for a board position make his own proxy ballot and cast votes for other people? —Electorally Concerned A “The simple answer to both of these questions is likely yes!” says attorney Marc H. Sch…

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Finance Mayor Unveils 2012 New York City Budget
2011 July Mayor Unveils 2012 New York City Budget

Earlier this year, Mayor Michael R. Bloomberg presented his Fiscal Year (FY) 2012 Executive Budget and an updated four-year financial plan. The mayor outlined the plan, which costs $64.7 billion and would balance the budget with a clai…

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