2002 Feb
2002 Feb Vol. 22, No. 2
Focus on...Management/Board Relations
Brace Yourselves
In April 2001, the Committee of Condominiums and Cooperatives of the Real Property Section of the New York State Bar Association, the Association of the Bar of the City of New York, and the New York County Lawyers Association approved a new form of contract of sale for co-op apartments. The new contract contains many improvements and significant modifications to its predecessor, which was approved in August 1999 and is starting to be used more and more in New York. Read More
Planning for Posterity
Every year, co-ops and condos spend serious time and energy compiling their operating budgets. The process can start as early as September, with an evaluation of the first eight months of expenses for the past year–the primary purpose of which is to investigate unexpected variances from the prior budget and to determine if they will re-occur. In the end, it’s still more than likely that the new budget will mirror the old, albeit with some small adjustments or across the board percentage increase. After that, maintenance charges will be set, the philosophy typically being that maintenance charges should equal expenses. This is where most buildings stop. Read More
Controversy and Confusion
In October 2000 Judge Louis York (New York Supreme Court, First Judicial Department) issued a decision that annulled the City of New York’s lead-poisoning prevention statute, commonly called Local Law 38. In the many news articles and attorney bulletins announcing this decision, it was widely assumed that the City would appeal, and that there would be a legal battle over whether filing an appeal would cause an automatic stay of Judge York’s ruling. Building owners, managing agents, and co-op and condo boards were generally advised to continue abiding by the requirements imposed by Local Law 38, despite them not being mandatory while the case was under appeal. Read More
Fraud Detection and Prevention
Although the US economy appears to have been in a steady decline for some time, it would seem that financial fraud and abuse are, unfortunately, "growth sectors." Read More
Is Your Home Your Castle, or Just a Fortress?
When I was growing up in the ‘60s, our large rental building in Queens was like a village. My mother played mah jong once a week with several neighbor ladies, and Tuesdays were Dad’s poker nights. We kids played freely in the halls, practiced tap dancing in the stone stairwells, and ran across the lobby to "Aunt Linda’s" apartment so Mom could have a few minute’s peace. And while other parts of my city childhood were somewhat less than idyllic, the community that I grew up in remains a golden memory. Read More
Don't Be a Pest
Few things are more important for a building than having a competent managing agent willing to work closely with board members to make their home a safe, harmonious place to live. A big part of any good managing agent’s job is to be "on call" when emergencies arise, and to address board members’ concerns about their building. When board members show disrespect for their managing agent’s time and professional expertise, however–by calling them at home with problems that could be addressed the next business day, or constantly bothering them with minor concerns–they strain the relationship with their agent and hobble the agent’s ability to get things done. While it is crucial that board members feel free to talk to their managing agents to voice their questions and concerns, it’s also important for them to understand both the point at which constant phone calls become counterproductive, and the ways in which they can cultivate a positive relationship with their building manager. Read More
Keeping it Copacetic
All relationships–even the healthiest ones–need constant care and maintenance. Whether it’s person-to-person or business-to-client, relationships must be cultivated in order to thrive–a fact that holds doubly true for the crucial connection between co-op and condo boards and their managing agents. Read More
New Year, New Deal
We all know how it goes. All year long, you let things slide a little here and there–an extra handful of chips here, putting off changing your oil there–until by the time the New Year rolls around, you’re battling ten extra pounds and your engine sounds like it’s full of dried peas. Swear all the solemn oaths you want… it’s hard to make New Year’s resolutions stick. Read More
