2012 July
Focus on... Budget & Finance

Money is a topic some people are skittish about discussing. When you’re a board member or the managing agent of a residential co-op or condo building however, there’s no benefit to skirting financial realities just because they may be di…

 For a crystal-clear picture of how a co-op board or condo association is doing,  there are few better lenses than the community's budgets and financial reports.  From an investment perspective, they show the association board, property  m…

 In the typical suburban condo development, one must go to another location to  shop— maybe to the mini-mall, or the big box store down the road. But in New York  City co-ops and condos, stores are often found on the ground floor—supermark…

 New York City is known for having some of the very best urban opportunities in  the world—among the best colleges and schools, museums and libraries, as well as some of  the finest parks, the most interesting architecture, the most intrig…

 With interest rates at historic lows, never rising too far above 4% these days,  boards are looking at refinancing their co-op's underlying mortgage to build up  their reserves as a viable alternative to raising maintenance fees or levyin…

 Next to fire, perhaps nothing is more damaging to residential buildings and  their occupants' property then leaks. Whether it’s a torrential deluge from the upstairs neighbor’s overflowing bathtub or a slow, seeping leak around the window…

 Mayor Michael R. Bloomberg recently released the New York City Executive Budget  for the 2013 fiscal year. While the mayor lauded the $68.7 billion plan as a “balanced budget with no tax increases,” the City Council believes the prelimina…

 Valley Stream is known for being a big village with a small town feel. With a population of nearly 38,000, Valley Stream is one of the largest villages  in the state of New York. The incorporated village is located inside the  southwest p…

Individual cooperative board members scored a major victory recently in the case of Weinreb v. 37 Apartments Corp., et al, an appellate court decision that relieved them of certain responsibilities when it comes to shareholders' propos…

 A leaking pool, a wall in need of repair, a faulty exhaust system, chimney and  furnace repairs… Who’s responsible for fixing them? Generally, most leases provide that “structural” repairs are the landlord’s responsibility and that “nonst…

Q My wife and I own the shares for our co-op apartment jointly. We wish to establish a revocable living trust for our assets and the apartment. Our co-op board is unwilling to make the transfer to the trust. How can we convince the boar…