2003 Dec/Jan
2003 Dec/Jan Vol. 23, No. 1
Focus on...Financial Strategies
City Sidewalks, Busy Sidewalks
City Corporation Counsel Michael Cardozo pleaded with members of the City Council last month to enact meaningful tort reform to help the city close what officials say will be a $6.4 billion budgetary gap by 2004. Read More
Going Private
In increasing numbers, residential developments constructed under New York's Mitchell-Lama housing program are considering the option to privatize - or "buy out"¯ of the program - when they become eligible to do so. Understanding this trend and the ramifications of taking such an action are critical for any Mitchell-Lama property. Read More
Twenty-O-Two to Twenty-O-Three
At the beginning of 2002, the outlook for the city's real estate market seemed healthy, if a little uncertain. September 11th was still fresh on everyone's minds, and the aftereffects on the co-op and condo market carried over from 2001. According to Joanna Simon, a broker with the Fox Residential Group in Manhattan, "Everyone was in state of shock [after September 11th]. Some people panicked and wanted to get out of city, so they put their properties up for sale."¯ But with a lack of buyers immediately following the attacks, most properties just sat on the market. Simon also found that some prospective buyers who were already in negotiations pre-September 11th didn't want to continue and close the deal. Read More
Supersize Me!
Here in the land of birdfeeder-sized apartments (otherwise known as New York City), people will do just about anything for more space. And while sordid tales of deception and skullduggery abound, there are some legitimate means of expanding your domestic sphere of influence, and merging two apartments into one "megapartment"¯ is one way to do it. But how do you go about performing this sort of architectural surgery? What will my co-op board have to say about it? What will this do to your property values, shares, and maintenance fees? Well, fear not - included here is everything you wanted to know about merging apartments but were afraid to ask. Read More
Paying for Interior Design Work
Interior design in public spaces - like the lobbies and corridors of co-op and condo buildings - involves more than just the art of coordinating paint, wallpaper and fabrics. Public spaces require that the health, safety and welfare of the public are protected. Strict building codes require that the finishes and furnishings - like wall coverings and fabrics - meet certain mandatory standards of safety and functionality. Also, when any significant investment of money is involved in an interior design project, it is always wise to use a professional. Remember the lobby, elevators and corridors in your building create the first impressions of anyone entering or leaving the space, and can increase the property value for everyone. Read More
Let's Go Expo
Once again, the time is drawing near to mark your calendars and program your Palm Pilots to remind you of The Cooperator's annual Co-op and Condo Expo, which is descending on Midtown's New York Hilton, 53rd Street and Avenue of the Americas, on March 6th for a jam-packed day of information-sharing, free advice, new products and service demos, networking opportunities, raffles, door prizes, and (of course) lots of freebies. Read More
Hot, Hot, Hot
When the weather outside is frightful, a functioning boiler system pumping soothing warmth into each and every apartment in your building is definitely delightful. Keeping boiler systems in tip-top shape is paramount to ensuring that warmth continues all winter long. Happily, that's not too difficult to do with a little regular maintenance and a good thorough cleaning each fall and spring. If your boiler's giving you fits this winter, the following may help you avoid the chill next year. Read More
Feeling the Burn
On the morning of December 2, Mayor Michael R. Bloomberg signed an 18.49 percent property tax increase into law, the largest such increase in city history, but much lower than the 25 percent he originally proposed. Read More
Everything But the Kitchen Sink
Kitchens and bathrooms are the hardest, most expensive rooms in an apartment building or business - especially in Manhattan - to install, renovate or remodel. A variety of skills, trades and materials come into play; the job requires extra considerations for gas, water, and electric lines, and mistakes are costly. The kitchen, where one not only prepares food but also entertains family and company, is an especially important room that requires careful aesthetic considerations. Read More
Estate Planning
The death of a loved one not only brings grief and sorrow, but an agonizing pile of paperwork to tend to and affairs to get in order. For residents of New York City, it also means figuring out the fate of the deceased's co-op or condo apartment, if it hadn't been figured out beforehand. Read More
The 80/20 Dilemma
Picture this: the mom-and-pop dry cleaner that has inhabited your building's ground floor retail space for years is moving out and a broker tells you that an upscale clothier wants the space for triple the rent. Or perhaps one of the many cellular companies in town wants to rent your roof for antennae placement. Maybe your adjacent parking garage is changing hands and the new contract will yield twice the income of the old one. Read More
Flippin' Out
As buildings age, they inevitably need repairs and capital improvements - a boiler needs replacing, the faƧade needs repair, or the outdated lobby can use a facelift - to name a few. For cooperative buildings with healthy reserve funds, the cost of these expenses may be covered without additional contributions from shareholders. But, when there isn't enough money in the reserve fund, shareholders may be hit with a hefty assessment to cover the cost. Read More
Make-A-Wish
The turning of a new year is always a time to reflect on the old one, make personal resolutions for the next 365 days, and maybe make some wishes. 2002 was a roller coaster year for New York real estate, charting spikes and lulls in activity that reflected a more widespread uncertainty about the economy, the prospect of war in the Middle East, rising taxes, and plans for rebuilding Lower Manhattan. Members of New York's real estate community are still digesting the hubbub of the past year as they look ahead to 2003, and despite the uncertainty about what the coming year will bring to our troubled, though resilient city, most are looking ahead with optimism - and with some ideas about what they'd like to see happen in and around the city, in their buildings, and throughout the industry at large. The Cooperator asked some prominent players in the co-op and condo scene to tell us what their wishes are for 2003; some of what they had to say was what you might expect - a stronger market, continued stability of property values in the co-op/condo community, and more shareholder/owner involvement in building affairs - but some of their replies may surprise you. Read More
