Being on the board of a co-op or condo is a big responsibility—one that shouldn’t be taken lightly. While some people may run for a board seat just to have the title, they need to be prepared to govern fairly and make decisions that are in …
It happens in business, government, and industry every day: employees learn the rules of a new job, and before long they know those rules so well, they start going around them or taking short cuts. Rarely is this done with malicious intent.…
When you live in a multifamily building, however, peace and quiet can be hard to come by. From the guy upstairs who gargles loudly at precisely 6:47 a.m. every morning to the neighbor with the yapping Chihuahua—at some point the soundtrack …
Accepting a board position for a homeowners association is no easy task- you can please some of the residents some of the time, but rarely if ever can you please everyone. For board members, serving the community they live in may seem like …
Recently, have you noticed that your managing agent has exchanged his old Toyota for a new Mercedes? Has he installed a new addition to his house? Has he appeared erratic...and returning from jaunts to Atlantic City all the time? If so, it …
Generally, board directors in condos and HOAs are volunteers who live in the building and want to assist in protecting their investment. Often, however, new board members enter positions without knowing the full scope of expected responsibi…
The experience of condo and co-op board members can often feel like a juggling act. There are varied interests in the community that want different things. There's legal counsel, financial advisers, and managers who try to offer the best pr…
Every year, like clockwork, Wayne Bellet, owner of Bellet Construction in Manhattan, says that he gets multiple requests for his company to scrape, prime and paint metal fire escapes. “It’s silly, because it’s so easy to do, and building m…
In 1955, when many city neighborhoods were deteriorating and the flight to the suburbs was going full blast, the Mitchell-Lama bill, named after state Sen. McNeil Mitchell and Assemblyman Alfred Lama, was signed into law in New York State. …
When finances get tight—the last recession period comes to mind—boards and managing agents often look for ways to increase revenues or decrease expenditures. In some cases, the answer is a flip tax, a “transfer fee” that is paid to the co-o…
Donald Trump makes it look so easy. “You’re fired,” he declares firmly, terminating an aspiring apprentice from the popular reality TV series, who will never be seen from again. In reality (and reality TV is not reality), the issue of ter…
In the context of multifamily communities, there are two kinds of budgets: a capital, or reserve budget, and an operating budget. Capital budgets apply to long-term, big-ticket projects like new roofs or an HVAC overhaul. By contrast, the o…
Amenities can be a major selling point for any co-op or condo. You don't have to be Jillian Michaels these days to have a spa or full gym at home. Naturally, they add to the property value of the building as a whole, as well as to the indiv…
Murray Hill, a respectable traditional neighborhood in Midtown Manhattan, started as a small farming community but soon became a playground for the wealthy with industrialists like J.P. Morgan and John Jacob Astor building their townhouses…
Companies that provide energy to the public—that is, to households and businesses—have a unique corporate social responsibility; and that responsibility isn’t just to deliver gas and electricity. It’s to teach customers and clients how to u…
What happens when people begin to notice that their next door neighbors are having difficulty with their mobility, are suddenly at risk of falling or have fallen, are confused about where they are and begin to exhibit this and other types o…
It only makes good business sense that if something goes wrong and needs fixing at a condo or co-op, the board or managing agent is going to do some due diligence to choose the correct contractor, and this is normally done by gathering bids…
Q. “We live in a condominium development of 130 units. One investor own 48 of these units. He’s taken two seats on the board since 1986. No one votes for him, I suspect he always votes for himself and gets on the board. Can this be possib…
Is your building bleeding energy—and money? In today's more environmentally-conscious society, administrators of all sized co-op or condo buildings are looking to save money. These energy professionals weigh in on some of the more common en…