There are few feelings worse than encountering an unexpected expense and finding the piggy bank empty. That is why reserve funds and reserve studies are such important elements in the financial well-being of co-ops, condos, and homeowners’ …
They say that a stitch in time saves nine. But when dealing with exterior maintenance and repairs for your condominium, cooperative or homeowners’ association, that proverbial stitch can save nines – or tens – of thousands of dollars. Small…
Appreciation, and the profit that comes with it, is surely a major benefit of home ownership. But that profit does not come without a cost. You can’t hide from the tax collector, and sooner or later he or she will come looking for you to ex…
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…
Supers, building managers, maintenance persons, custodial staff, groundskeeping personnel, porters, doormen, concierges—depending on the size of a community, the staff roster for a condo, co-op, or HOA can be pretty long. The truth is, in t…
Like people, buildings age. Even under the best of circumstances, weather – particularly water, in the form of rain, snow, and ice – followed by or combined with extremes in temperature can do permanent damage to facades, cornices, parapets…
From time to time, every co-op or condo community has to undertake big capital improvement projects—perhaps a total window replacement, roof repairs, an elevator overhaul, or major exterior renovations. The laws and regulations that deal …
Housing Development Fund Corporation (HDFC) co-ops are an important and unique segment of the New York housing market that many fellow co-op shareholders are unaware of. Those who do know of the program are often familiar with it only from …
As the last few years have demonstrated, winter can be an unpredictable time in New York City. Some years, temperatures remain fairly mild and we barely get any snow, while other years are bitterly cold, with howling winds and epic sno…
Most of us wouldn't know what to do with ourselves if we didn't have a smartphone or tablet to help us communicate, navigate, and otherwise organize our lives. Property managers throughout the country—whether they handle urban high-rises, s…
Even when living in a multi-family building, individual residents must handle some of the same responsibilities as those of a single-family homeowner. While board members will be more involved than other residents in helping to ensure …
Sometimes the future seems like it’s an awfully long way away. If a roof is going to last 30 years, why should we worry about it today? Same with that shiny new boiler or that flat, crack-free pavement just poured two summers ago. Eventuall…
A cold, wet spring turned quickly into a hot, humid summer rife with thunderstorms and localized flooding throughout the northeast. As autumn starts to paint the region’s foliage, building community and association boards and managers are …
Q Our cooperative building, for many years, carried a high mortgage. During those years, I did serve on the board. The interest on the mortgage was included in our monthly maintenance fee and was noted yearly for our share for IRS …
Americans today are moving toward a more well-developed awareness of their environment, and what it takes to protect and preserve earth’s natural resources. City dwellers and suburbanites alike typically recycle paper, plastic, and glass st…
Are you looking for a new management company or financial advisor? Does your lobby need an extra splash of color? Is your co-op looking for replacement windows or facade repairs due to Local Law 11 work? Help is available at T…
Q We moved into our Chelsea co-op last spring, and when the heating was turned on in the fall, we learned that the west wall fin tube radiation wasn’t working. This means that we have no heat in the bedroom and partial heat in the livin…
One of fastest growing segments in New York area real estate is the increased popularity of boutique condos and co-ops. According to Propertyshark.com data, there are about 5,000 condo or co-op buildings across the city that have between j…
Frequently, there are needs for repairs, replacements, services, cleanings, or renovations; thus, service vendors are necessary trade professionals for condo or association boards. Carmelo Milio, the president and director of property mana…
During the winter season, life isn’t exactly a walk in the park for your typical New York City building. Freezing rain and wind beat at the façade relentlessly; snow accumulates on the roof and turns to ice, then thaws and seeps into co-op…