2001 Jul
2001 Jul Vol. 21, No. 7
Focus on...Budget & Finance
Big Money Invasion?
Should local banks be allowed to become actively involved in the real estate brokerage business? Specifically, should they have an administrative hand in the sale and management of units in co-ops and condos? Read More
Power Steering
Picture this: The power goes out in Washington Heights. When it comes back on in Washington Heights, it goes out in Clinton. When it comes back on in Clinton, it goes out in Battery Park City. And so on, across the city. Panic sets in, chaos reigns, and the super doesn’t get your message because his answering machine is plugged into a useless socket on the wall. Read More
Grit and Glamour
New Yorkers pride themselves on their ability to appreciate places and things that others often find dirty, oppressive, or just plain ugly. New York City itself is occasionally accused of being all three, yet New Yorkers remain fiercely loyal in defending their city against such slurs–after all, anybody who can’t see the beauty and glamour of Gotham through the haze of pollution, the din of traffic, and the crush of frenzied humanity just doesn’t get New York City. Those who do get it, however, can find beauty in the most unlikely places–and if they can’t find beauty, by heaven–they’ll at least find real estate. Nowhere is this more evident than in Manhattan’s Meatpacking District, or MePa, as some brokers insist it’s becoming known. In the last 20 years, the neighborhood has gone from being a no-man’s land of drugs, filth, and abandoned warehouses to being some of the most sought-after real estate in the city. Read More
Need You Know More?
With mortgages as common as they are today, most borrowers know the standard steps in securing a loan for a condo or co-op. In the simplest terms, a borrower must first pick a lending institution, be it a commercial bank or mortgage banker. After that comes the application process, during which requisite financial and employment information is provided to the lending institution. After approval, borrowers close on the loan. From here, the only thing most borrowers are concerned with is making their required monthly payments. Read More
Co-op Share Loan Financing
The economic boom of the last few years has been a remarkable period of prosperity for the real estate industry in general, and co-ops in particular. Shareholders no longer need to feel trapped; the time is now for co-op boards to tackle the share loan financing issue. Read More
Are We There Yet?
Out of concern over escalating property taxes, The Action Committee for Reasonable Real Estate Taxes was formed in 1990. Created by The Council of New York Cooperatives and Condominiums (CNYC), the committee uncovered a gross disparity between the taxes paid by co-op and condo dwellers and those assessed to private homeowners and decided to do something about it. Read More
