While the numbers being put up by the residential real estate market in NYC are - and have long been - the envy of other regions across the country (with the possible exception being the Bay Area, where Silicon Valley tech money has morphed…
Tell someone at a cocktail party that you are on a co-op board and the most likely response is “What a thankless task!” It seems every New Yorker has a co-op board horror story—and many of them probably contain more than a grain of truth…
Planning for what happens to your estate upon your death is never a pleasant chore, but if you own property of any kind, that planning is an vital responsibility. While there are many aspects and legal mechanisms that can be considered…
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…
Tax time is coming soon, and a time no one really enjoys will likely be even less fun thanks to the current recession. In the case of condo and co-op buildings however, accountants and attorneys may be able to help the communities they…
For years, the hospitality industry has been fighting a chemical war against bed bugs. Now, with the growing menace of pesticide-resistant bed bugs and increasing documentation of human injury from harsh chemicals, the question to consi…
It’s no secret that lawsuits are expensive, acrimonious undertakings that can severely erode both the finances and morale of building communities. When a disagreement between a resident and the board escalates into a serious dispute and th…
Our co-op elected its new officers, as usual. However, this year, there were two amendments to the proprietary lease, one for staggered board terms and the other to change our transfer fee, or flip tax, from one month’s maintenance to two…
Consider the following all-too-common scenario: your condominium association has one delinquent unit owner who owes three months of common charges totaling $915.00 before late fees. Statements have been sent without response, and telep…
Stretching from upstate and leading all the way down to the Big Apple, New York City’s water system truly is a modern marvel. The system, which includes huge supply tunnels, makes it possible for millions to live and work in New York City.…
Mayor Michael R. Bloomberg presented a Fiscal Year (FY) 2011 Executive Budget and an updated four-year financial plan for New York City that calls for $62.9 billion in spending. While the mayor’s attempt to balance the city’s budget res…
Even as condos and co-ops around the Northeast have loosened pet restrictions to increase marketability during the recession, only a limited segment of New York City buildings have jumped on the bandwagon. Co-ops, most of whic…
Think about this: according to the United States Department of Labor, each year nearly 2 million American workers report having been victims of workplace violence. Fraud committed by employees cost American companies approximately $20 …
It may sound like an oxymoron, but in the world of co-ops there is such a thing as “bad income.” The federal tax code requires that cooperative buildings receive at least 80 percent of their income from their shareholders—usually in th…
It’s your twice-a-year, floor-to-rafters marathon house-cleaning session. You’ve recycled all your newspapers, taken your soda bottles back to the market and disposed of that fern that’s been gone for a few weeks now. Cleaning is nearl…
The concept of 'greening' has become so firmly entrenched in our national discourse over the last few years, it's hard to imagine a time when recycling, clean energy, and reducing our carbon footprint were novel ideas with just a few v…
Picture this: a co-op resident has a problem with his neighbor who plays loud music into the wee hours. He contacts his board of directors to see what he can do about this issue, but no one calls him back. Thinking maybe he just fell thr…
It seems that nearly everything is going “green” these days. Whether it’s the special green issue of a popular consumer magazine, an advertisement for a fuel-efficient hybrid car or a push toward environmentally friendly building materi…
On last season’s “The Apprentice” reality show, celebrities volunteered their time to team up and compete, not for a job with the Donald Trump organization, but to win a large donation to their favorite charity. The show’s concept is to…
The “Green Movement” has quickly gone from fad to trend to global initiative. In the U.S., corporations as well as commercial and residential property owners are being challenged to find ways to embrace ‘Green Initiatives’ in response to…