2003 Jul
2003 Jul Vol. 23, No. 7
Focus on...Budget And Finance
Some Do's and Don'ts for AC Maintenance
In order to keep your air conditioning unit running efficiently, here are some tips to keep its maintenance in tip-top shape. Read More
Keeping Your Cool
I'm often asked what a person can do to keep their air conditioning unit working properly. AC units are complicated pieces of machinery, but there are many things a homeowner can do to keep their unit running and avoid making expensive service calls. Read More
Refinancing Your Cooperative
In today's low interest rate environment, refinancing is the top agenda item for many cooperatives. However, while the current interest rates would seem to guarantee a "win-win"¯ situation, a savvy board must take into account more than just low rates when making the decision to refinance. As board members, you need to consider the existing terms of the property's underlying mortgage and closely analyze your co-op's financial security, current monthly costs, and projected capital improvements as you seek the optimal refinancing option. Read More
No Ifs, Ands....Or Butts
It's not easy to be a smoker in New York City these days. It has become commonplace to see office workers in front of skyscrapers lighting up, or to hear announcements prohibiting smoking in theaters and other public venues. And now, under the New York City Smoke-free Air Act of 2002, smokers at restaurants and bars have to step outside to light up. It's not even legal to smoke in a previously designated "smoking lounge."¯ About the only place left to smoke indoors is at home"¦or is it? Read More
Rooftops and Root Cellars
Many buildings have square footage hidden away that could be converted to residential use. Hallways, rooftops, unused garbage rooms, basement closets, abandoned water tank rooms - all are potential additions to an adjacent shareholder's apartment. The financial outlay for the building is small and the potential for revenue - both through the sale of new shares and added future maintenance - is great. Creative co-op boards and their property managers are now looking at a new tactic that adds value to both the building and certain lucky apartments; they are finding unused common space, and selling it to shareholders to enlarge their apartments. Read More
Manhattan's Crown Jewel-Keepers
One hundred and fifty years ago, the New York State Legislature passed a bill designating land in the heart of Manhattan as a great central park. Today, the 843 acres that was saved from being swallowed up by developers is now treasured public landscape used as a respite from the feverish pace of the metropolis by over 25 million visitors and residents each year. Read More
When Apples Equal Oranges
A taxpayer normally recognizes gain or loss realized on the sale or exchange of property. However, pursuant to Section 1031 of the tax code, there is no recognition of gain or loss on the exchange of property for like-kind property. Read More
Timing It Right
Sometimes a board has no choice about when to repair or replace some building feature or piece of equipment. If the boiler goes on the fritz in January, for example, it has to be fixed - period. Other projects, like interior design and renovations, can be scheduled more deliberately. In addition, the timing of certain exterior maintenance and repair projects can have an impact on how quickly they get done and how much they end up costing the building. By bidding and scheduling strategically, boards can save time and money on a renovation project. Read More
Thank Your Lucky STARs
In 1998, after receiving a "bill"¯ for zero dollars and zero cents for the prior year's school taxes, some New York State property owners wrote checks to the government in that amount. They were convinced that a clerical error had been made, and felt compelled to raise attention to the matter. In fact, there was no error. Read More
Avoiding Pitfalls
While many New Yorkers have navigated the process of applying and interviewing for - and eventually buying - a co-op or condo, securing a mortgage can be a complex, sometimes, lengthy process in which professional advice is recommended and most likely required. Read More
