2002 Jul
2002 Jul Vol. 22, No. 7
Focus on...Budget And Finance
Saving Electricity for You and Your Neighbors
New Yorkers certainly wouldn't want to spend their summer being stuck in a crowded elevator or a hot, steamy subway car with no lights or air conditioning, especially when the temperature climbs to around 100 degrees. That is not a pleasant situation to say the least. However, some experts are predicting that New York City may face those dire consequences this summer as California did in 2000 when power supply problems forced the implementation of rolling blackouts disrupting workplace productivity and daily lives. Read More
What's My Line?
Just about every working person, from the busboy at your favorite diner to the CEO of a Fortune 500 company, works under a job description that outlines their duties and establishes responsibilities and boundaries of authority. Your building's superintendent or resident manager should be no different. A clearly defined, yet flexible job description for your key building staff can ensure that what needs doing gets done - and can help building staff and board members maintain a productive, friction-free working relationship. Read More
What's It Worth To You?
Everyone thinks their home looks like two million bucks, but in the world of banks and real estate agents, it takes a professional appraiser to prove it. Especially in the unique and ultra-competitive world of New York co-op and condo real estate, having someone with all the facts and figures at their fingertips can be invaluable. Whether you're selling property or buying, an appraiser can provide you with the information you need to make practical decisions about your home and finances. Read More
The Age of Aquariums
New York City has always been a sometimes hectic, stressful place to live and work, and now - perhaps more than ever - New Yorkers can use all the tranquility they can get. Short-term fixes like day spas and weekends at the shore can help, but for a more lasting remedy for the stress and clamor of day-to-day life in a white-knuckled city, maybe you should consider"¦fish. Read More
The Jennifer Realty Case
On June 11, 2002, in one of the most significant court decisions affecting co-op and condo owners in recent years, the New York State Court of Appeals issued a ruling in the well-publicized case of 511 West 232 Street Owners Corp. v. Jennifer Realty Corp.. The court held that offering plans are in fact a kind of contract - and legally oblige buildng sponsors to act in good faith and timely sell "at the very least"¯ enough shares to create a "fully viable cooperative."¯ The Court ruled that by keeping a majority of shares in a cooperative, a sponsor defeats the purpose of the contract. Read More
Retracing The Six Steps
When "A Six Step Program for Boards - Plan Ahead for a Healthy Financial Future"¯ was published in The Cooperator back in 1996, very few boards were running their buildings like businesses, and even fewer had a long-range plan. While some buildings still bounce from month to month and crisis to crisis, an increasing number of boards are operating their co-ops in a more business-like fashion. Whether this is thanks to more experienced board members, more pro-active managing agents, more diligent accountants (or articles like this), really doesn't matter. The result is a brighter outlook for those boards that have made a habit of the "Six Steps."¯ Read More
Minding Your Money
Board members have a number of responsibilities and face many different challenges - and managing the building's finances is chief among them. But since most board members aren't trained financial professionals, what is the best way to make sure you're doing a proficient, effective, and thorough job? Having a good relationship with your accountant and financial advisor - as well as clearly defining and understanding their role - is essential, but board members must also be willing to learn about the basics of their co-op or condo's financial documents to ensure that their building is financially sound. Read More
Borrowing Smart
Most borrowers opt for fixed rate loans in today's low-interest market, but for those willing to embrace change and play the field a bit, still-cheaper rates are available. There are state-sponsored loans for making your building more energy-efficient, for example. To shave percentage points off a loan for other purposes, there's the so-called London Inter-Bank Offered Rate (LIBOR)-based rate. Or you might consider looking into the new adjustable-then-fixed rates from Fannie Mae. Read More
