2000 Jul
2000 Jul Vol. 20, No. 7
Focus on...Budget& Finance
Operation: DUMBO
Literally a pebble’s throw from Lower Manhattan, Brooklyn’s DUMBO is one of the most exciting and happening growth areas in the city. An acronym for Down Under the Manhattan Bridge Overpass, it is an area roughly bounded by the Manhattan and Brooklyn Bridges, taking in Empire State Park, a little known, jewel-like pocket park on the banks of the East River connecting Old Fulton Street and the historic Fulton Ferry. Adjacent to the park, DUMBO also includes the Empire Stores–a building which served as civil war era warehouses for armaments. This historic warehouse district is quickly turning into the city’s new hot spot. Read More
The Ins and Outs Of Illegal Sublets
In today’s booming real estate market everyone is looking to turn a profit. Should co-op shareholders be any different? Everyone wants a piece of the pie but at what cost? Subletting cooperative apartments can be very simple if you follow the guidelines that the co-op’s bylaws have put in place, but it seems as if it’s not that simple. Are shareholders taking advantage by manufacturing family members to make money, or are the cooperative corporations making their shareholders jump through too many hoops? Read More
Douglas Elliman
Chinese lamps, leather chairs and carpeting reminiscent of the orient set the mood of subtle elegance in the lobby of Douglas Elliman’s executive offices. Company publications, Treasury of Fine Homes and Folio of Fine Homes, are set out for visitors to peruse as they wait to be admitted past this luxurious, hushed anteroom. An entirely different aura presents itself in the interior space of this brokerage space at 575 Madison Avenue. Read More
Caveat Emptor
Real estate in the New York Metropolitan area is hot. Ask any broker and they will tell you that their job is getting more and more difficult because there is simply no supply. Many sellers are having a hard time committing to a sale because of uncertainty as to whether tomorrow’s market may be able to generate a higher price or whether we’re experiencing the last gasp of a market boom period. In the superheated market, buyers are feeling tremendous pressure because sellers are demanding that contracts of sale contain few, if any, contingencies and the line of people bidding on a single apartment results in very short turn-around times for the execution and delivery of binding contracts. Sellers in this market look to bidders who are willing to sign a contract as quickly as possible; in many instances without concern for a purchaser’s need to perform their due diligence. The question then for the prudent buyer is who to rely upon when seeking representation about a co-op corporation’s or condo association’s condition when the time to verify such conditions independently may be short. Read More
Translation, Please!
Whether you’re a co-op or condo owner or on your building’s board, you are considered a primary user of the property’s financial statements. As such, you should definitely make it a point to understand what you’re looking at–to not only be aware of the financial health of your building but to discern certain trends and relationships and anticipate the future. Other users include potential buyers, lenders, vendors, taxing authorities and insurers. As a result, financial statements are meant to present condensed organized summaries of extensive detailed financial information. Read More
Reducing Costs
Many expenses, small and large, are involved in the process of managing a residential building. A majority of these are unavoidable, such as mortgage payments in the case of a co-op, utility costs and payroll; however, when large sums of money are being dealt with, it is easy for unnecessary expenses to slip by unnoticed. As a means of protecting both a building’s budget and the quality of life for its residents, boards have a responsibility to keep costs as low as possible, without making choices that will sacrifice services that residents rely on. Fortunately, it is possible to reduce costs significantly by implementing a well-thought-out system for monitoring expenses and securing the cheapest, high-quality goods and services available. Read More
The Best Way to Grow
All healthy co-ops or condos possess healthy bank accounts. One way to make sure that financial glow stays bright is to infuse it with extra income, above and beyond the usual monthly fees and payments. There are a number of options for bringing extra revenue into the financial fold. The possibilities range from converting unused space into health club facilities, to turning your building into an advertising "star." The options are limited only by board member creativity (and a tax code or two). Read More
